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18 June, 20:57

You deposited $4500 dollars in a savings account that earns a simple interest rate. What interest rate do you need to be paid, if you require $5445 after 7 years.

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  1. 18 June, 21:33
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    5445 = 4500 i * 7

    5445 = 31500i

    i = 5445/31,500

    i = 0.1729

    i = 17.29%
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