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## Ron deposited $450 into a savings account for which simple interest is calculated semiannually. If his $450 grew to $459 after 6 month

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Question

Ron deposited $450 into a savings account for which simple interest is

calculated semiannually. If his $450 grew to $459 after 6 months, what is the

yearly interest rate on Ron’s account?

A. 1%

B. 2%

C.4%

D. 8%

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Math
Lydia
6 days
2021-09-10T11:41:43+00:00
2021-09-10T11:41:43+00:00 1 Answer
0
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## Answers ( )

Answer:

Step-by-step explanation:

Simple Interest = Principal × Time × Rate /100

Semiannually means happening twice in a year.

Interest rate = SI×100/Principal×Time

Interest rate=$459-$450=$9 for 6 months, $9×2=$18 for a year.

Rate=$18×100/450×1

=4%