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I have this question on my homework: You put $500 in a savings account. The account earns $15.75 simple interest in 6 months. What is the annual interest rate?

I have this question on my homework: You put $500 in a savings account. The account earns $15.75 simple interest in 6 months. What is the annual interest rate?
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I have this question on my homework: You put $500 in a savings account. The account earns $15.75 simple interest in 6 months. What is the annual interest rate?

User Bosen
by
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1 Answer

4 votes
$31.50
I multiplied $15.75 times 2 because the $15.75 was over a span of 6 months which is half of 12
User DuckQueen
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