ute the specified quantity. ear bond costs $20,000 and will pay a total of $3,600 in interest over its lifetime. What is its annual interest rate r (as a percent)? (Ro .677 X%

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 15E
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Compute the specified quantity.
A 3 year bond costs $20,000 and will pay a total of $3,600 in interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.)
r = 5.677
X %
Transcribed Image Text:Compute the specified quantity. A 3 year bond costs $20,000 and will pay a total of $3,600 in interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r = 5.677 X %
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