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04-01-2017
Mathematics

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Find the annual simple interest rate.

I=$426, P=$1200, t=5 years

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04-01-2017

1200 * i * 5 = 426
6000i = 426
i =426 / 6000
i =0.071

0.071 = 7.1%

answer: annual simple interest rate = 7.1%

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