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Solve for the missing item in the following. (Do not round intermediate calculations. Round your answer to the nearest whole

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Answer #1

Time(in years) =(20/12)years

The interest rate is calculated using following equation

Interest = Principal * Rate * Time

310 = 6200*Rate*(20/12)

Rate = 310/(6200*20/12)

Rate = 3%

Therefore, interest rate is 3%.

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