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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
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%
Expert Solution
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%
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