southerlandh southerlandh

28-03-2024
Mathematics

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Matthew deposited $5,000 in a savings account with simple interest. Two years later, the account held $6,200. What was the interest rate?

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NovicArchivist NovicArchivist

28-03-2024

Answer:

12% interest

Step-by-step explanation:

(formula for simple interest and other stuff in the image)

Let's solve for r after substituting everything

1200 = 5000 * r * 2

r = 0.12 or 12%

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