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Michael deposited $2000 into a simple interest savings account. In eight years, he has a total of $2520 in his account. What interest rate did the bank give Michael when he opened his account? a. 2.5%
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Michael deposited $2000 into a simple interest savings account. In eight years,

he has a total of $2520 in his account. What interest rate did the bank give
Michael when he opened his account?
a. 2.5%
b. 3.75%
C. 3.25%
d. 2.25%

User Manuel Otto
by
6.9k points

1 Answer

6 votes

Answer:

3.25%

Explanation:

2520/2000=1.26

1.26-1=.26

.26/8=.0325

.0325*100=3.25%

User Mike Earley
by
6.2k points
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