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