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4 May, 19:11

A man earns $112 interest in one year on an investment of $1,400. what was his rate of interest

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  1. 4 May, 22:27
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    Interest, I = PRT

    Principal, P = $1400, Rate R = % per year, Time T = 1 year

    112 = 1400*R*1

    112/1400 = R

    R = 112/1400

    R = 0.08 = 8/100

    R = 8% per year.
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