Naanaa610 Naanaa610

25-01-2018
Mathematics

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Diana invested $3,000 in a savings account for three years. She earn $450 in interest over that time period. what interest rate did she earn?

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mathmate mathmate

25-01-2018

Principal, present value, P = $3000
Interest (assumed simple) = $450
Time period = 3 years
Interest rate, i = $450/(3*$3000) = 0.05 = 5%

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