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30 August, 02:10

Three years ago, Ava lent her sister $400 to buy some clothes. Today Ava's sister pay her loan in full with $454. What simple annual interest rate did she pay?

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  1. 30 August, 03:35
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    454=400 (1+3r)

    Solve for r

    r = ((454:400) - 1) : 3

    r=0.045*100=4.5%
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