SOLUTION: A sum of $5000 was taken as a loan. After 1 year the money grew to $5500 by compounding annually. What was the rate of interest per annum?

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Question 1195150: A sum of $5000 was taken as a loan. After 1 year the money grew to $5500 by compounding annually. What was the rate of interest per annum?
Found 2 solutions by josgarithmetic, ikleyn:
Answer by josgarithmetic(39617) About Me  (Show Source):
You can put this solution on YOUR website!
"Take out a loan and the money grew"??
difference, $500

500%2F5000=0.1
10%2Apercent

Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
.

Do not write  " after 1 year the money grew . . . ",

which is,  actually,  incorrect in this problem.


It was the  highlight%28debt%29,  which grew with time.


Consider to hire a person, who will edit your writing after you . . .