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21 October, 09:53

A savings account earns simple interest at a rate of 6% per year. Last year the account earned $10.86 in interest. What was the balance in the account at the beginning of last year?

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  1. 21 October, 10:02
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    In this case, you have to find out the number whose 6% is 10.86.

    So, Let the number be x.

    x * 6/100 = 10.86

    x * 6 = 1086

    x = 181.

    So, the account balance at the beginning of last year was $181.

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