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6 May, 03:06

5.

Principal = $500

Interest earned in 4 years = $60.

Find the interest rate.

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Answers (1)
  1. 6 May, 06:57
    0
    r = 3%

    Step-by-step explanation:

    interest = p X r X t

    60 = 500 X r X 4

    60 = 2000r

    r = 60/2000

    r = 0.03

    r = 3%
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