Register
Giselle deposited $3500 into a savings account for which simple interest is calculated monthly. If her $3500 grew to $3514 after 1 month, what is the yearly interest rate on Giselle's account?
68.3k views
2 votes
Giselle deposited $3500 into a savings account for which simple interest is calculated monthly. If her $3500 grew to $3514 after 1 month, what is the yearly interest rate on Giselle's account?

User Fjc
by
7.0k points

1 Answer

5 votes
A=p(1+rt)

3514=3500(1+(1/12)r)

Solve for r

r=0.048*100=4.8%

Hope I helped :)
User Samiyah
by
8.0k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!