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Chapter 2: Q. 2.51 (page 126)

Jim lent his sister \(5000to help her buy a house. In three years, she paid him the \)5000, plus $900 interest. What was the rate of simple interest?

Short Answer

Expert verified

Rate of interest was 6%.

Step by step solution

01

Step 1. Use the expression for the rate of simple interest,

Interest = prt

Here, p=Principal amount

r=rate of interest

t=Duration of investment

02

Step 2. Substitute the data given in the question,

Principal amount =$5000

Interest paid =$900

Duration =localid="1644443633249" 3years

900=5000脳r脳3

localid="1644443582312" r=9005000脳3

localid="1644443610947" r=0.06

Therefore, rate of interest =localid="1644443653568" 0.06脳100=6%

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