$45,000 is deposited into a savings account. after 1 year 4 months and 20 days it totals $52,500 calculate the simple interest rate for this account.

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(1) Answers

Tahira123sahi

principle = 45000
amount =52500
Interest = 7500
time = 25/18 years
A = PTR/100
52500 = 45000 + 25 + R / 1800
solve the equation you will get the value of r which is rate of interest