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Marina CMI [18]

3 years ago

9

A bank account has a beginning balance of $560.00. After 6 months, the balance in the account has increased to $572.60. What int

erest rate is being earned annually on this account?
A. .045%
B.2.20%
C.2.25%
D.4.5%

1 answer:

Licemer1 [7]3 years ago

7 0

Interest = $572.60 - $560.00 = $12.60

$560 x 6i/12 = $12.60

i = ($12.60 x 12) / ($560 x 6) = 0.045%

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