Answer:
Option B is correct
2.4%
Step-by-step explanation:
Using the formula:
⇒ .....[1]
where,
P is the principal amount
A is the Amount after t years
r is the rate expressed in decimal
As per the statement:
Leanne deposited $1,500 into a savings account for which simple interest is calculated quarterly.
⇒
It is also given that: If her $1,500 grew to $1,509 after 3 months
⇒ and t = years
Substitute these given values in [1] we have;
Divide both sides by 1500 we have;
Subtract 1 from both sides we have;
Divide both sides by 0.25 we have;
or
r = 0.024 or 2.4%
Therefore, the yearly interest rate on Leanne's account is, 2.4%