SOLUTION: Tara receives an annual return of $332 from $5,000 invested at a simple interest. How much is the interest rate? (Interest=amount invested interest rate).
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Question 320846: Tara receives an annual return of $332 from $5,000 invested at a simple interest. How much is the interest rate? (Interest=amount invested interest rate). Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Tara receives an annual return of $332 from $5,000 invested at a simple interest. How much is the interest rate? (Interest=amount invested interest rate).
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Let "x" be the interest rate.
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Equation:
Solve 5000x = 332
x = 332/5000
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x = 0.0664
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Interest rate = 6.64%
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Cheers,
Stan H.
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