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Mr. Monteclaro invests his P 20,000 in a bank that offers simple interest rate. In 6 years, Mr. Monteclaro will have a total of P 23,000 in his account. At what interest rate the money is invested? (Express the answer in percent)

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Answer:

X=2.5%

Step-by-step explanation:

(based on the given situation)
we know that:
P= 20000
T= 6
F= 23000

(formulate and subtitute)
               P= 20000
sabtitute T= 6      into formula F=P + Prt
               F=23000

23000=20000 + 20000rt

(solve the equation)
20000 (1 +6x) =23000
20000 + 120000x =23000
120000x = 23000 - 20000
120000x = 30000
x=3000/120000

(simpllify)
x=1/40

i hope it helps:)
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