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An investment of $8000 for 18 months in an account earning simple interest resulted in...

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Finance

An investment of $8000 for 18 months in an account earning simple interest resulted in a maturity value of $8600. What was the interest rate for the investment?

Select one:

a.4.6%

b.5.0%

c.4.8%

d.4.9%

e.5.2%

The answer is 5% but how? Thank you?

Answer & Explanation Solved by verified expert
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