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You deposit $300 in an account. The account earns $54 simple interest in 4 years. What is the annual interest rate?
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You deposit $300 in an account. The account earns $54 simple interest in 4 years. What is the annual interest rate?

User Pcting
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1 Answer

2 votes
Simple interest = P*r*t

54 = 300*r*4
54/1200 = r

r=0.045 = 4.5%
r must be a percent when giving as an answer, decimal when used in a formula
User Robin Thomas
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