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## $5,000 was invested at a simple intrest rate. In 15 years, the account was worth 65 hundred dollars. What wss the intrest rate?

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## Answers ( )

Answer:The interest rate was 2%

Step-by-step explanation:we know that

The simple interest formula is equal to

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

in this problem we have

65 hundred dollars=$6,500

so

substitute in the formula above

solve for r

Convert to percentage