Question

Jamie has $114.56 in her savings and count and her bank just raised the interest paid on her savings account by 1/2%. if her old rate is .5%, what was her new rate as a decimal?

Answer 1

0.5025%

Explanation:

The question is on increase and decrease

The old interest rate= .5%⇒0.5%

percentage increase= 1/2%= 0.5%

New rate= it requires you to increase 0.5 by 0.5%

New rate is ⇒100%+ 0.5%=100.5%

New rate⇒(100.5/100)×0.5 =0.5025

New rate as a decimal is 0.5025%