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A $7000 investment earns $840 annual simple interest in one year. What is the annual interest rate?

A $7000 investment earns $840 annual simple interest in one year. What is the annual interest rate?
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A $7000 investment earns $840 annual simple interest in one year. What is the annual interest rate?

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User Jtomaszk
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2 Answers

4 votes
The interest rate is the percentage of the investment made up by the interest.


(840)/(7000) = 0.12, or 12% percent.

Hope this helps!
answered
User Jaf
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8.2k points
1 vote
The answer would be 12 % annual interest rate!
Hope i helped
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User Camron
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