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15 January, 12:41

You invest $5,000 in an account earning simple interest. the balance after 6 years is $6,200. what is the interest rate?

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  1. 15 January, 14:11
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    F=p (1+rt)

    6200=5000 (1+6r) divided both sides by 5000

    1.24=1+6r

    1.24-1=6r

    6r=0.24

    R=0.04*100=4%
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