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A deposit of $10,000 was made to an account the year you were born. After 12 years, the account is worth $16,000. What simple interest rate did the account earn?

Respuesta :

Answer:

[tex]5\%[/tex]

Step-by-step explanation:

You got $6000 more, so each year you gain $500. Now we calculate the percentage out of 10,000 to find the simple interest rate:

[tex]\frac{500}{10,000} = 0.05 \implies 5\%[/tex]

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