If $500 yields $43.49 in simple interest over 7 years, what is the annual rate?

Phil Bolduc asked Feb 17, 2023

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Phil Bolduc asked Feb 17, 2023

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22 votes

Answer:

1.24 %

Explanation:

500 * x * 7 = 43.49

x = 43.49/(7*500) = .0124 1.24 %

AutomatedOwl answered Feb 23, 2023

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