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You deposit 100$ into an account. The account ears $2 simple interest in 6 months. What is the annual interest rate?

You deposit 100$ into an account. The account ears $2 simple interest in 6 months. What is the annual interest rate?
asked 54.1k views
3 votes
You deposit 100$ into an account. The account ears $2 simple interest in 6 months. What is the annual interest rate?

asked
User Robber Pen
by
7.8k points

1 Answer

6 votes

Answer: 4%

Explanation:

$2 in 6 months = $4 in 1 year

4/100 = 0.04 = 4%

answered
User Hgascon
by
8.1k points
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