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Savings account is set up so that simple interest earned on the investment is moved into a separate checking account at the end of each year if an investment afford accumulates 1700 interest in the checking account after five years what is the annual symbol interest rate on the savings account

Respuesta :

Answer:

To calculate the annual interest rate, we need the principal amount (P). If the principal amount is provided, we can proceed with the calculation.

Step-by-step explanation:

To determine the annual simple interest rate on the savings account, we can use the formula for simple interest:

Simple Interest (I) = Principal amount (P) * Rate (R) * Time (T)

Given that the accumulated interest after five years is $1700, we can use the formula to solve for the annual interest rate (R).

We have:

I = P * R * T

1700 = P * R * 5

To find the annual interest rate (R):

R = 1700 / (P * 5)

To calculate the annual interest rate, we need the principal amount (P). If the principal amount is provided, we can proceed with the calculation.

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