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Answer:
6.3%
Step-by-step explanation:
We're gonna use the simple interest formula: A = P(1 + rt)
A = Final amount (500 + 15.75 = 515.75)
P = Starting amount (500)
r = rate (?)
t = number of years (.5 since it's been half a year)
515.75 = 500(1 + 0.5r)
Disitribute the 500 to the equation inside the parenthesis
515.75 = 500 + 250r
Subtract 500 from both sides
515.75 = 500 + 250r
- 500 - 500
15.75 = 250r
Divide both sides by 250
15.75/250 = 250r/250
r = 0.063