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9 May, 03:04

You invested $1000 and at the end of one year you had $1090. What was the annual intetest on the investment? Presume simple interest and not compounded.

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  1. 9 May, 03:13
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    The interest rate will be found as follows:

    I = (PRT)

    I=1090-1000=$90

    thus plugging in the value we get:

    90 = (1000*R*1)

    90=1000R

    thus

    R=90/1000

    R=0.09~9%
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