anonymous
  • anonymous
A savings account set up so that the simple interest earned on the investment is moved into a separate checking account at the end of each year. If an investment of $4000 accumulates $1,700 of interest in the checking after 5 years, what is the annual simple interest rate on the saving account?
Mathematics
chestercat
  • chestercat
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welshfella
  • welshfella
let annual interest be x per cent, then (x/100) * 4000 * 5 = 1700 solve for x

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