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using the simple interest determine the interest rate for Phil's savings account if the account tripled over a 21-year period

Finance

using the simple interest determine the interest rate for Phil's savings account if the account tripled over a 21-year period.

a) 9.52%

b) 10.52%

c) 11.52%

d) 12.52%

e) 13.52%

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Computation of the interest rate:-

Simple interest = Amount - Principal

= 300 - 100

= 200

Simple interest = Principal * Time * Rate

200 = 100 * 21 * Rate

Rate = 200 / (100 * 21)

= 9.52%

Hence, the correct option is a) 9.52%