What is the answer to this question i am very confused on how to solve this equation
1 answer:
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<u><em>Answer:</em></u>
5%
<u><em>Explanation:</em></u>
% she earned in interest can be calculated by calculating the % of increase in the balance
<u>We have:</u>
Original balance = $12,450
Amount of interest = $622.5
<u>This means that:</u>
new balance = 12,450 + 622.5 = $13,072.5
<u>Now, we can get the percentage of increase:</u>
% of increase =
<u>Substitute with the values we have to get the percentage of interest earned as follows:</u>
% of interest earned = = 5%
Hope this helps :)