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Home > Education > High School   »   Interest rate

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Old Aug 25, 2009, 04:32 PM
Samis454
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Interest rate
help with a problem!!!!! If you invested $1500 in a bankk account for 5 years and recived $150 in a simple interest, what was the annual interest rate for the account!!


Can u explain how to complete the problem?? Please

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Old Aug 25, 2009, 07:02 PM   #2  
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I = P*R*T
Interest = Principal * Rate * Time
SO
R= (I)/(P*T)

So now calculate.

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Unknown008 agrees: Good answer.
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