Question

A bank account has a beginning balance of $560.00. After 6 months, the balance in the account has increased to $572.60. What interest rate is being earned annually on this account?

.045%
2.20%
2.25%
4.5%

Answer 1

i = prt (where t is annually)
12.60 = 560(r)(.5)
12.60 = 280r
12.60/280 = r
r = .045

Answer 2

thanks!!

Answer 3

thanks!!