SOLUTION: What annual rate of interest would you have to earn on an investment of $5500 to ensure receiving $368.50 interest after 1 year?
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Question 706601: What annual rate of interest would you have to earn on an investment of $5500 to ensure receiving $368.50 interest after 1 year?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
368.50=5500r*1
368.50/5500=r
0.067=6.7%
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