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9 August, 08:55

Willie deposited $2500 into a savings account for which simple interest is calculated semiannually. If his $2500 grew to $2540 after 6 months, what is the yearly interest rate on Willie's account?

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  1. 9 August, 10:01
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    Yearly is $80 (6 months being half a year)

    $80 is 3.2% of $2500

    Yearly interest rate is 3.2%
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