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18 August, 20:14

I=$54, P=$900, t. = 18 months

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  1. 18 August, 23:21
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    Wait what are trying to answer here
  2. 18 August, 23:42
    0
    Interest=Principal x Rate x Time (in years)

    Interest=$54

    Principal=$900

    Convert 18 months to years by dividing by 12 (there are 12 months in a year) so

    Time = 18/12=1.5

    Plug into formula you get

    54 = (900) R (1.5)

    54=1350R

    Divide by 1350

    .04=R

    Annual Rate is 4%
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