Asked by Carol
Interest of $22.05 was earned in three months on a balance of $1960. What is the interest rate per annum earned on that account?
P.s please explain how you solved it.
P.s please explain how you solved it.
Answers
Answered by
MathMate
annual interest = 4*22.05=88.20
$1960 earns 88.20 interest in one year, so annual interest,
i=88.05/1960=0.045, or 4.5% per annum
$1960 earns 88.20 interest in one year, so annual interest,
i=88.05/1960=0.045, or 4.5% per annum
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