Leanne deposited $1,500 into a savings account for which simple interest is calculated quarterly. If her $1,500 grew to $1,509 after 3 months, what is the yearly interest rate on Leanne's account?

A. 6%
B. 2.4%
C. 0.24%
D. 0.6%

Question

Leanne deposited $1,500 into a savings account for which simple interest is calculated quarterly. If her $1,500 grew to $1,509 after 3 months, what is the yearly interest rate on Leanne's account?

 		A.	6%
 		B.	2.4%
 		C.	0.24%
 		D.	0.6%

anonymous · Answer

are u sure about 1,509 ? or maybe it is 1,590

anonymous · Answer

thats what the question says

anonymous · Answer

well sorry my bad, the answer should be 2.4

anonymous · Answer

because in one year she earned $36 u need to divide it by 1500 and then multiply the result with 100

anonymous · Answer

oh alright thank u my friend if the answer is right will be the best answer ok

anonymous · Answer

Hildegard wants to have $24,000 in 15 months. About how much should she put into a 15-month CD that earns simple interest of 6.4% a year calculated quarterly in order to reach her goal?

 		A.	$22,556.39
 		B.	$22,222.22
 		C.	$13,333.33
 		D.	$14,634.15 whbu this one

anonymous · Answer

so any idea do u know?

anonymous · Answer

it should be the first one

anonymous · Answer

because if u multiply 0.064 with the first one you will get an amount add it to the same number and u will get what she wants

anonymous · Answer

alright