After 5 years, an $2,450 investment is worth $3,123.75 what is the interest rate
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After 5 years, an $2,450 investment is worth $3,123.75 what is the interest rate
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Answer:
5.5
Step-by-step explanation:
interest = 3123.75 - 2450
= 673.75
interest = p×r× t/100
673.75 = 2450 × r × 5 / 100
r = 5.5