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$240 was invested at a simple annual interest rate for 2 years, and was worth a total of $276 at the end of this period of time. What was the interest rate?
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$240 was invested at a simple annual interest rate for 2 years, and was worth a total of $276 at the end of this period of time. What was the interest rate?

User MRocklin
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1 Answer

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Rate = Simple interest ÷ principal x time

$276-$240=$36(simple interest)

$36(Simple Interest) ÷$240(Principal)x 2(yrs)=0.075


Answer: 7.5%
User Vicky S
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