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22 May, 14:17

Sylvia bought a 6 month $1900 certifcate of deposit. at the end of 6 months she received a $209 a simple interest what rate of interest did the certifcate pay show all of your work

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  1. 22 May, 17:08
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    Present value = $1900

    Interest over six months = 209

    => interest over 12 months (1 year) = 2*209 = $418

    Rate of interest

    = 418/1900

    = 0.22

    = 22% per annum
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