Question: Determine the interest rate earned on a $450 deposit when $475 is paid back in one year. Multiple Choice 0.89 percent 1.13 percent 5.56 percent

Determine the interest rate earned on a $450 deposit when $475 is paid back in one year.

Multiple Choice

  • 0.89 percent

  • 1.13 percent

  • 5.56 percent

  • 13.0 percent

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