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Chad had $3,370.08 in a savings account with simple interest. He had opened the account with $3,009 exactly 2 years earlier. What was the interest rate?

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  1. 13 May, 07:40
    0
    6%

    Step-by-step explanation:

    i = prt

    or

    r = i / pt

    where;

    i = $3,370.08 - $3,009 = $361.09

    p = $3,009

    t = 2

    r = $361.09 / ($3,009 x 2)

    r = $361.09 / $6,018

    r = 0.06

    Hence the Interest rate is 6%
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