rainajordan15 rainajordan15
  • 24-03-2024
  • Mathematics
contestada

you deposit $600 into a savings account that earns simple interest, after 5 years your balance is $750 what is the simple interest rate

Respuesta :

jsimpson11000 jsimpson11000
  • 24-03-2024

Answer:

Step-by-step explanation:

Interest earned =   750 - 600 = $ 150

Interest = principal * decimal rate * years

   $ 150  = 600    * i   * 5  

       150 / ( 600* 5) = i = .05    which is   5%

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