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The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r to the

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r to the nearest tenth of a percent.

P= $4,000, A= $4,120, t=1 year

(Round to the nearest tenth of a percent.)

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