The sum 41

The sum of 640.00 was deposited in the first bank for five years, and the interest given was 160.00. Find the rate.

Correct answer:

x =  4.564 %

Step-by-step explanation:

a=640 i=160  b=a+i=640+160=800 t=5  a rt=b  rt = b/a r=5b/a=5800/6401.0456 x=100 (r1)=100 (1.04561)=4.564%



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