montyandchristie montyandchristie

06-02-2018
Mathematics

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What was the interest rate if your balance on an investment of $830 at the end of one year is $871.50?

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calculista calculista

06-02-2018

$871.50-$830=$41.5-----> interest in one year

$830----------------------------->100%
$41.5------------------------------->X%

X=41.5*100/830=5 %

the interest rate was 5%

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