Related questions with answers
Question
You deposit
in an account. The account earns
simple interest in 2.5 years.
What is the annual interest rate?
The annual interest rate is
Solution
VerifiedThe formula for simple interest is where is the amount of interest earned for an initial deposit of dollars invested at an annual interest rate of for years.
It is given that you deposit dollars and earn dollars in interest after years. Therefore:
The annual interest rate is then .
Create a free account to view solutions
By signing up, you accept Quizlet's Terms of Service and Privacy Policy
Create a free account to view solutions
By signing up, you accept Quizlet's Terms of Service and Privacy Policy
Recommended textbook solutions




More related questions
1/4
1/7