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OpenStudy (anonymous):
Victor calculates the percentage interest rate he needs to make in simple annual interest over 2 years on a deposit of . Where did he go wrong?
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OpenStudy (anonymous):
OpenStudy (irishboy123):
you should compound by multiplying, using your example, by 1+r. so 1,000 + 100 = 1000 (1+r)^2 r = 0.048% check 1000 * (1+0.048)^2 = 1,100 is this clear?
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