What simple interest rate is necessary for $850 to be worth $1200 after 15 years?  Enter your answer as a percentage, rounded to one decimal place (tenth of a percent) if rounding is necessary.  The % symbol is already listed next to the answer box, so do not type the % symbol in your answer.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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What simple interest rate is necessary for $850 to be worth $1200 after 15 years?  Enter your answer as a percentage, rounded to one decimal place (tenth of a percent) if rounding is necessary.  The % symbol is already listed next to the answer box, so do not type the % symbol in your answer.

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