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Nicole opened a savings account with $5000 and was paid simple interest at an annual rate of 2%. When Nicole closed the account, she was paid $300 in interest. How long was the account open for, in years? If necessary, refer to the list of financial formulas. years ?

Nicole opened a savings account with $5000 and was paid simple interest at an annual rate of 2%. When Nicole closed the account, she was paid $300 in interest. How long was the account open for, in years? If necessary, refer to the list of financial formulas. years ?

Intermediate Algebra
Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.49TI: Nathaly deposited $12,500 in her bank account where it will earn 4% simple interest. How much...
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Nicole opened a savings account with $5000 and was paid simple interest at an annual rate of 2%. When Nicole closed the account, she was paid $300 in interest. How long was the account open for, in years? If necessary, refer to the list of financial formulas. years
Transcribed Image Text:Nicole opened a savings account with $5000 and was paid simple interest at an annual rate of 2%. When Nicole closed the account, she was paid $300 in interest. How long was the account open for, in years? If necessary, refer to the list of financial formulas. years
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