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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? A. .045% B.2.20% C.2.
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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?

A. .045%
B.2.20%
C.2.25%
D.4.5%

User Scotty H
by
8.9k points

2 Answers

3 votes

Answer:

a .045

Explanation:

User Jeangelj
by
8.1k points
6 votes
Interest = $572.60 - $560.00 = $12.60

$560 x 6i/12 = $12.60

i = ($12.60 x 12) / ($560 x 6) = 0.045%
User Ken Schumack
by
9.0k points
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