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  • one year ago

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?

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  1. welshfella
    • one year ago
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    let annual interest be x per cent, then (x/100) * 4000 * 5 = 1700 solve for x

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