Question

What is simple interest rate of a 7 - month GIC That grows from $30000 to its maturity value of $31500?

Answer 1

Answer:

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Step-by-step explanation:

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Answer 2

Answer:

SI = PRT/100

31500 = (30000 × (7/12) × Rate) / 100

31500/300 = (7/12) × Rate

(105 × 12)/7 = Rate

15 × 12 = Rate

Rate = 180