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Ethan invested £500 in the bank for 2 years.
He earned £40 simple interest in total.
What was the simple interest rate per annum?

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Smith

  1. 1/2 * 40/500 = 0.04 = 4%

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    oobleck

  2. Ethan invested £500 in the bank for 2 years. He earned £40 simple interest in total. What was the simple interest rate per annum?

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    inam

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