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17 July, 18:02

Raul deposited $3000 into a bank account that earned simple interest each year. After 3.5 years, he had earned $262.50 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?

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Answers (2)
  1. 17 July, 19:21
    0
    Simple interest earn

    i = Prt

    r = i / (Pt)

    r = 262.50 / (3000 * 3.5)

    r = 262.5 / 10,500

    r = 0.025

    0.025 = 25/1000 = 2.5%

    answer: annual interest rate is 2.5%
  2. 17 July, 20:04
    0
    Because he stop put money in the bank in that why he got 262.50
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