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A deposit of $3000 becomes $3810 after 6 years. What is the simple interest rate on the account?

A deposit of $3000 becomes $3810 after 6 years. What is the simple interest rate on the account?
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A deposit of $3000 becomes $3810 after 6 years. What is the simple interest rate on the account?

User Alexloh
by
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1 Answer

7 votes

3810-3000 = 810

810/6 = 135

135/3000 = 0.045 = 4.5% interest rate

User RWendi
by
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