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March 25, 2017

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Jon put 1000$ into each of two different simple interest savings accounts for one year . The total intrerest earned was 5$. What could the interest rate have been for each account ?

  • consumers math - ,

    assume $2.50 was earned from each account.

    I = Po*r*t = $2.50
    1000*r*1 = 2.50
    1000r = 2.50
    r = 0.0025 = 0.25% For each acc.

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