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11-12-2020
Mathematics

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Lily deposited $500 in a savings account. At the end of 1 year, she had eamed $20 in simple interest What interest rate did she receive?

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11-12-2020

Answer:

4% compounded yearly

Step-by-step explanation:

20 / 500 = 0.04

0.04 * 100 = 4%

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