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25 June, 01:01

Diana invested $3,000 in a savings account for three years. She earn $450 in interest over that time period. what interest rate did she earn?

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  1. 25 June, 04:44
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    Principal, present value, P = $3000

    Interest (assumed simple) = $450

    Time period = 3 years

    Interest rate, i = $450 / (3*$3000) = 0.05 = 5%
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