Adam deposited $50,000 in a savings account with simple interest. Three years later, he had earned $6,000 in interest. What was the interest rate

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06-04-2022
Mathematics

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Adam deposited $50,000 in a savings account with simple interest. Three years later, he had earned $6,000 in interest. What was the interest rate

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Аноним Аноним · Answer 1 · 2022-04-06T14:24:04-04:00

Аноним Аноним

06-04-2022

hello! if adam made 6000 dollars from interest in 3 years, then assuming the rate was linear, he would have gotten 2000 dollars of interest per year. 2000 is 1/25 of 50000, so the interest rate is 1/25 per year, or 4%.

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Adam deposited $50,000 in a savings account with simple interest. Three years later, he had earned $6,000 in interest. What was the interest rate

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