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    Samis454's Avatar
    Samis454 Posts: 3, Reputation: 1
    New Member
    		  
    #1

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


    Can u explain how to complete the problem? Please
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Aug 25, 2009, 07:02 PM

    I = P*R*T
    Interest = Principal * Rate * Time
    SO
    R= (I)/(P*T)

    So now calculate.
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