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28 August, 19:21

You put $10,000 in a simple interest account at a bank you will eat 108 just for 4 years what is the annual interest rate for this account

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  1. 28 August, 19:56
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    The rate is 0.27%

    Step-by-step explanation:

    If interest = $108, principal = $10000, time = 4 years

    Simple Interest = (principal * rate * time) / 100

    rate = (interest * 100) / (principal * time)

    Substitute the value into the formula above

    Rate = (108*100) / (10000*4)

    = 108/400

    Rate = 0.27%
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