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August 27, 2014

Homework Help: pre algerbra

Posted by Kemmaris on Monday, May 21, 2007 at 11:46pm.

susan bought a 6 month $1,700 certificate of deposit.At the end of six months she recieved $63 simple interest. what annual rate of interest did the certificate pay?

In a year then it would be 2 times $63

So $1700 times the rate of interest (we will call it X) will equal the interest.
Thus the equation

1700X=(63)(2)
solve for x

X=.074

or 7.4%

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