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12 August, 14:41

camille invested $3000 into an account that earned annual simple interest. she made no deposits or withdrawals, and after 9 yrs, she had earned $1755 in interest. what was the interest rate of the savings account?

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  1. 12 August, 14:44
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    6.5 %

    Step-by-step explanation:

    The simple interest formula is

    I = Prt

    dа ta:

    I = $1755

    P = $3000

    t = 9 yr

    Calculation:

    1755 = 3000 * r * 9

    1755 = 27 000 r

    Divide each side by 27 000

    r = 1755/27 000 = 0.065 = 6.5 % APR

    The annual percentage rate was 6.5 %.
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