Taylor opened a savings account with $425. After 2 years, the total interest earned was $10.20. What was the annual interest rate?

R = 1.2%

Step-by-step explanation:

Given the following data;

Principal = 425

Time = 2

Simple interest = 10.20

To find the annual interest rate;

Mathematically, simple interest is calculated using this formula;

Where;

Substituting into the equation, we have;

Cross-multiplying, we have;

R = 1.2%

Therefore, the annual interest rate is 1.2 percent.

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