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16 March, 05:27

What annual interest rate must Kody Berry earn to have $35,500 increase to $38,500 in 3 years?

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  1. 16 March, 05:39
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    Answer:the interest rate is 2.81%

    Step-by-step explanation:

    Initial amount that would be in Kody Berry's account is $35,500

    Total amount that would be in Kody Berry's account after 3 years is $38,500

    This means that the interest would be

    38,500 - 35,500 = $3000

    The formula for simple interest is expressed as

    I = PRT/100

    Where

    P represents the principal

    R represents interest rate

    T represents time

    From information given,

    P = 35500

    T = 3 years

    I = 3000

    Therefore

    3000 = (35500 * R * 3) / 100

    3000 = 1065R

    R = 3000/1065 = 2.81%
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