Question

Susie opens a simple interest checking account. After 6 months, her account grew from $500 to $508.75. What is the interest rate on her account?

Answer 1

Answer:

3.5 %

Step-by-step explanation:

508.75 - 500 = 8.75

8.75 = (500) (0.5)

8.75/250 = (250)/250

.035

Move the decimal two places to the right to get 3.5%.

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