Answered

After 1 year, $10,000 deposited in a savings account with simple interest had earned
$700 in interest. What was the interest rate?

Answer :

JEREMIAHMANDUKICGO
7%

$10,000 • .07 = $700

Step-by-step explanation:

12x × 10,000 = 700

x = 700 ÷ (12 × 10,000)

x = 700 ÷ 12,000

x = 0.58%

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