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12 March, 12:49

A $6000 investment earns $690 annual simple interest in one year. what is the annual interest rate?

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  1. 12 March, 13:16
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    I=prt

    p=principal=investment

    r=rate

    t=time ini years

    I=interet

    690=6000r1

    690=6000r

    divide both sides by 6000

    0.115=r

    11.5% is the interest rate
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