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Use formula (1) for simple interest to find each of the indicated quantities. I=$48;P=$600;t=240I=\$ 48 ; P=\$ 600 ; t=240 days; r=?r=?

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I=Prt(1)where I=interestP=principalr=annual simple interest rate in decimalst=time in years\begin{align*} I&=Prt&(1)\\ \textrm{where } I &= \textrm{interest}\\ P&=\textrm{principal}\\ r&= \textrm{annual simple interest rate in decimals}\\ t&=\textrm{time in years} \end{align*}

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