SOLUTION: If $51.30 is earned in one year on an original deposit of 950.00, what is the rate of interest??

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Question 8338: If $51.30 is earned in one year on an original deposit of 950.00, what is the rate of interest??
Answer by bonster(299) About Me  (Show Source):
You can put this solution on YOUR website!
950x=51.30
x=51.30%2F950
x=.054
move over two places to the right
the interest rate=5.4

CHECK:
(950)(5.4%)
=(950)(.054)
=51.30