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2015-05-13T19:38:52+08:00

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The interest is computed as:
Interest=Principal*Rate*Time

We have the interest as 450, the principal as 3,000 and the time as 1 since it is annual. We substitute the values and get:

450=3000*Rate*1

We divide both sides by 3000 to leave the rate at the right-hand side
 \frac{450}{3000} = \frac{3000*Rate}{3000}  \\ 0.15=Rate

The rate is expressed in percent so we multiply 0.15 by 100 and get 15%
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