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17 December, 04:15

Remi invests?600 for 5 years in a saving account. By the end of the 5 years he has received a total of?75 simple interest. Work out the annual rate of simple interest

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  1. 17 December, 05:32
    0
    2.5 %

    Step-by-step explanation:

    The simple interest formula is

    I = Prt

    dа ta:

    I = $75

    P = $600

    t = 5 yr

    Calculation:

    75 = 600 * r * 5

    75 = 3000 r

    Divide each side by 3000

    r = 75/3000 = 0.025 = 2.5 % APR

    The annual percentage rate is 2.5 %.
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