Question

After 2 years, the credit balance in a saving account earning simple interest
was 585.75. The original amount was 550. What was the interest rate?
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Answer 1

Answer:

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Answer 2

Answer:

Rate=3.25 %

Step-by-step explanation:

here Time = 2years and Amount = 585.75

Principle= 550

SI =A-P

SI=35.75

SI=(P×R×T)/100

R=(SI ×100)/(P×T)

Rate=3.25 %