SOLUTION: If $51.30 in interest is earned on a deposit of $950 in one year, then what is the simple interest rate?

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Question 583743: If $51.30 in interest is earned on a deposit of $950 in one year, then what is the simple interest rate?
Answer by unlockmath(1688) About Me  (Show Source):
You can put this solution on YOUR website!
Hello,
Divide 51.3 into 950 and we get:
.054 or 5.4% interest.
Make sense?
RJ
www.math-unlock.com