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Joseph made a deposit of R 5 0 0 0 into the bank for his 5 year old son's 2 1 s t birthday. When

Joseph made a deposit of R

5000

into the bank for his

5

year old son's

21^{s t}

birthday. When his son turned

21,

he was given R

18000 .

At what rate was the money invested, if simple interest was calculated? Show your workings step by step.

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