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Carlos opened a savings account with $400 and was paid simple interest at an annual rate of 9%. When Carlos closed the account, he was paid $108 in interest. How long was the account open for, in years?

Sagot :

Answer:

time=simple interest Γ—100/(principal Γ—tate)=$108Γ—100/($400Γ—9)=$10800/$3600=3years

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