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Calculate the rate of interest paid if an eight year investment of $5000 became $6000 dollars using simple interest

 Jul 28, 2022
 #1
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15% I think.

 Jul 28, 2022
 #2
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6000  -  5000 ==$1,000 - simple interest earned over 8 years.

 

1,000 / 8 ==$125 - simple interest earned over 1 year

 

125 / 5000 ==0.025  x  100 ==2.5% simple interest rate per year.

 Jul 29, 2022
 #3
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+1

Thank you. 

qtiop  Jul 29, 2022

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