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?

Question

justus · Answer

The interest entered was $12.60

$$SI=\frac{ PRT }{ 100 }$$

$$12.60=\frac{ 560*R* 6  }{ 100 * 12}$$

Now you can solve for R by removing it on the right

$$\frac{ 12.60*100*12 }{ 560*6 }=R$$

justus · Answer

Calculate it and let me know what you get. :)

dgiron23 · Answer

4.5% Thank you!

justus · Answer

Correct, no problem!