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Cuthbert put $ 1 5 , 0 0 0 into a nine - month term deposit earning simple interest. After six months he decided to

Cuthbert put $15,000 into a nine-month term deposit earning simple interest. After six months he decided to cash the
investment in early, taking a penalty of 1% on his interest rate. If he received $393.75 of interest, what was the original
interest rate before the penalty on his term deposit?
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