You deposit $50,000 in a savings account. After 10 years, your balance is $65,000. What is your interest rate?

asked Feb 15, 2022 182k views

2 votes

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1 vote

Answer:

r = .03 or 3%

Explanation:

Interest = Principal x Rate x Time

15000 = 50000(10)r

15000 = 500000r

r = 15/500

r = .03 or 3%

Brett Ryan answered Feb 19, 2022

4.4k points

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