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GEDQuestion 7 / 10

A bank account earns simple interest. After 3 years the account holds $1,180, having started with $1,000. What is the annual interest rate?

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Multiple choice — select the best answer

A4%
B6%
C5%
D8%

✓ Correct answer: B. 6% Using I = P × r × t: $180 = $1,000 × r × 3, so r = 180/3000 = 0.06 = 6%.

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