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24-05-2018
Mathematics

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a principal of $4,000 was invested into a savings account for 5 years. If the interest earned for the period was $500 what was the interest rate? The hint is the formula for simple interest is I= PRT

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MLGPauly MLGPauly

03-06-2018

[tex]500 = 4000(x)5[/tex]
[tex]4000 \times 5 \times x = 20000x[/tex]
[tex]500 \div 20000 = x[/tex]
Rate is .025 or 2.5%

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