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Find each commission or sales tax to the nearest cent

Algebra
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At Thrift Bank, if you keep $675 in a savings account for 12 years, your money will earn $486 in interest. What annual simple interest rate does the bank offer?

Nov 25th, 2014

Per year interest earned = 486/12= 40.5 annually

40.5/675 x 100 = 6 %

Answer  6% interest rate

Nov 25th, 2014

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