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A $5000 investment earns $550 annual simple interest in one year. What is the annual interest rate?
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A $5000 investment earns $550 annual simple interest in one year. What is the annual interest rate?

User Foob
by
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2 Answers

3 votes
I = prt 1) nope: since she earned 1536, that is your interest (I) 1536 = p*0.04*8 1536 = 0.32p 1536/0.32 = 0.32p/0.32 p = $4800 2) 550 = 5000*r*1 550/5000 = 5000r/5000 0.11 = r = 11%
User Gordon Yorke
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8.0k points
1 vote
550=5000r,,r=0.11*100=11%
User Srihari Karanth
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8.5k points
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