SOLUTION: Hank deposited $750 in the bank for 3 years. He earned $135 in simple interest at the end of the three years. What was the annual interest rate?

SOLUTION: Hank deposited $750 in the bank for 3 years. He earned $135 in simple interest at the end of the three years. What was the annual interest rate?

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Question 1065768: Hank deposited $750 in the bank for 3 years. He earned $135 in simple interest at the end of the three years. What was the annual interest rate?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
r=I/Pt
r=135/(750*3)
r=135/2250
r=0.06=6%
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