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23 May, 16:20

You deposit $2000 in an account. the account earns $120 simple interest in 8 months. what is the annual interest rate?

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  1. 23 May, 17:00
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    So the interest earned in 8 months (2/3rds of 1yr) is $120, if we multiply by 1x3rd more we can find the total for the year: 120x1.33 = $160.

    To find the rate, divide the total interest by the amount invested, 120/2000 = 0.06% p. a.
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