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10 October, 03:18

Find the annual simple interest rate.

I=$426, P=$1200, t=5 years

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  1. 10 October, 03:45
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    1200 * i * 5 = 426

    6000i = 426

    i = 426 / 6000

    i = 0.071

    0.071 = 7.1%

    answer: annual simple interest rate = 7.1%
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