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A business invests $10,000 in a savings account for two years. At the beginning of the second year, an additional $3500 is invested. At the end of the second year, the account balance is $15,569.75. What was the annual interest rate?

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This provides an step-by-step explanation of finding annual interest rate.

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Let R% be the annual interest rate.

P = 10,000

At the end of 1 year, total balance = P { 1 + R/100 }

Principal at the beginning of ...

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