SOLUTION: the saving account in which you initially invested $250 has earned $30 simple interest in 5 years. what is the interest rate of the account

SOLUTION: the saving account in which you initially invested $250 has earned $30 simple interest in 5 years. what is the interest rate of the account

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Question 486823: the saving account in which you initially invested $250 has earned $30 simple interest in 5 years. what is the interest rate of the account
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
r=I/Pt
r=30/250*5
r=30/1250
r=0.048
r=4.8%
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