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12 October, 22:22

Jude deposited $550 into an account that earns simple interest, and after 11 years, the interest in the account was $484. What was the simple interest rate?

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  1. 13 October, 00:08
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    8% interest rate

    Step-by-step explanation:

    Interest = $484

    Principal = $550

    Time = 11 Years

    Interest Rate = Interest / (Principal x Time)

    Interest Rate = $484 / ($550 x 11)

    Interest Rate = $484 / $6050

    Interest Rate = 0.08

    Hence Interest Rate is 8%
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