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18 November, 08:00

A family deposited $8000 into an account six years ago. The account earned

simple interest at a yearly rate. So far the total interest earned is $1200. What is

the rate for the account?

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Answers (2)
  1. 18 November, 08:11
    0
    For this you have to ask yourself:

    $1200 is what percent of $8000

    $1200/$8000 = x%

    0.15 = x%

    0.15 x100 = 15%

    The rate for the account is 15%
  2. 18 November, 08:14
    0
    Use I = prt

    1200 = 8000r (1)

    1200/8000 = r

    0.15 = r

    15% = r
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