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Basic Mathematics QUESTION #2896
Question 1
At what rate will $\$500$ yield $\$100$ interest in $4$ years?
  • 4%
  • 5%✔️
  • 10%
  • 6%
Correct Answer Explanation
$R = (I \times 100) / (P \times T) = (100 \times 100) / (500 \times 4) = 10000 / 2000 = 5\%$.