You put $400 in an account. the account earns 18% simple interest in 9 months. what is the annual rate?

1 answer:

7 0

18 / 9 = 2% per month
18 + 6 (3months) = 24%

400/100 = 4 x 24 = 96
400 + 96 = 496

the annual rate is 24%

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