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Lily deposited $500 in a savings account. At the end of 1 year, she had earned $20 in simple interest. What interest rate did she receive?

Lily deposited $500 in a savings account. At the end of 1 year, she had earned $20 in simple interest. What interest rate did she receive?
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Lily deposited $500 in a savings account. At the end of 1 year, she had earned $20 in simple interest. What interest rate did she receive?

User NCrazed
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2 Answers

6 votes

Your answer for this question is 4%

User Michael Long
by
7.9k points
6 votes
x/100 *500 = 20

500/100x = 20

5x = 20

x = 4 %
User JJ Roman
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