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Ellen made $52 in interest by placing $400 in a savings account with simple interest for 1 year. What was the interest rate?

Respuesta :

Formula of simple interest rate: I=PxRxT

I=52$
P=400$
R=?
T=1 year

I=PxRxT
I/P/T=R
52/400/1=R
13%=R

The interest rate was 13% per year.

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