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Novay_Z [31]
1 year ago
15

Bianca deposited $1500 into asavings account for whichsimple interest is calculatedquarterly. If her $1500 grew to$1509 after 3

months, what isthe yearly interest rate onBianca's account?
Mathematics
1 answer:
Furkat [3]1 year ago
6 0

Solution:

Given;

P=1500,A=1509,t=3months=0.25year\begin{gathered} A=P(1+\frac{r}{4})^{4t} \\  \\ 1509=1500(1+\frac{r}{4})^{4(0.25)} \\  \\ \frac{1509}{1500}=1+\frac{r}{4} \\  \\ 1.006-1=\frac{r}{4} \\  \\ r=4(0.006) \\  \\ r=0.024 \end{gathered}

Thus, the yearly interest rate on Bianca's account is 2.4%

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