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Solve You deposit $2000 in an account. The account earns $120 simple interest in 2 years. What is the annual interest rate? I=120 p=2000 I=prt I=20000 = t=2
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Solve

You deposit $2000 in an account. The account earns $120 simple
interest in 2 years. What is the annual interest rate?
I=120
p=2000
I=prt
I=20000
=
t=2

User John La Rooy
by
7.7k points

1 Answer

2 votes
It is $160 you’re welcome
User Ziki
by
7.6k points
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User Sawyer
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Use i=prt, the formula for simple interest over t years to find i when p=$2000, r=6%, and t=18 months
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