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26 May, 08:39

You put $400 in an account. the account earns 18% simple interest in 9 months. what is the annual rate?

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  1. 26 May, 12:21
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    18 / 9 = 2% per month

    18 + 6 (3months) = 24%

    400/100 = 4 x 24 = 96

    400 + 96 = 496

    the annual rate is 24%
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