SOLUTION: Tela invests $1500 in a year certificate of deposit. At the end of 1 year, her balance is $1530. What is the simple annual interest rate?

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Question 732319: Tela invests $1500 in a year certificate of deposit. At the end of 1 year, her balance is $1530. What is the simple annual interest rate?
Found 2 solutions by lynnlo, ikleyn:
Answer by lynnlo(4176) About Me  (Show Source):
Answer by ikleyn(53521) About Me  (Show Source):
You can put this solution on YOUR website!
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Tela invests $1500 in a year certificate of deposit. At the end of 1 year, her balance is $1530.
What is the simple annual interest rate?
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The simple interest is  %28%281530-1500%29%2F1500%29%2A100 = %2830%2F1500%29%2A100 = 0.02*100 = 2%.    ANSWER

Solved.

The answer in the post by @lynnlo is incorrect.

Simply ignore his post.