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Lily deposited $500 in a savings account. At the end of 1 year, she had eamed $20 in simple interest What interest rate did she receive?

Lily deposited $500 in a savings account. At the end of 1 year, she had eamed $20 in simple interest What interest rate did she receive?
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1 vote
Lily deposited $500 in a savings account. At the end of 1 year, she had eamed $20 in simple interest What interest rate did she receive?

asked
User Russellelbert
by
7.4k points

1 Answer

1 vote

Answer:

4% compounded yearly

Explanation:

20 / 500 = 0.04

0.04 * 100 = 4%

answered
User Vjangus
by
8.6k points
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