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You deposited $4500 dollars in a savings account that earns a simple interest rate. What interest rate do you need to be paid, if you require $5445 after 7 years.

You deposited $4500 dollars in a savings account that earns a simple interest rate. What interest rate do you need to be paid, if you require $5445 after 7 years.
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You deposited $4500 dollars in a savings account that earns a simple interest rate. What interest rate do you need to be paid, if you require $5445 after 7 years.

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User Marcel Hoffmann
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8.4k points

1 Answer

2 votes
5445 = 4500 i * 7
5445 = 31500i
i = 5445/31,500
i = 0.1729

i = 17.29%

answered
User Regan
by
8.3k points
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