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Simon Earned $1,000 after depositing $2,000 in his simple interest account for 10 years. What is his interest rate?

Simon Earned $1,000 after depositing $2,000 in his simple interest account for 10 years. What is his interest rate?
asked 156k views
3 votes
Simon Earned $1,000 after depositing $2,000 in his simple interest account for 10 years. What is his interest rate?

asked
User Richard Wolf
by
8.2k points

1 Answer

5 votes

Answer:

$5,000

50%

Explanation:

$1,000×100=10,000

10,000÷2,000= 500

500×10= 5,000

answered
User Krystian
by
8.5k points
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