Willie deposited $2500 into a savings account for which simple interest is calculated semiannually. If his $2500 grew to $2540 after 6 months, what is the yearly interest rate on Willie's account?

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asked Jan 24, 2017 10.1k views

4 votes

Willie deposited $2500 into a savings account for which simple interest is calculated semiannually. If his $2500 grew to $2540 after 6 months, what is the yearly interest rate on Willie's account?

Mathematics
high-school

Ashish Agarwal asked

by Ashish Agarwal

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2 Answers

3 votes

Answer:

3.2%

Explanation:

Apex Good luck :)

Danielle Madeley answered Jan 27, 2017

by Danielle Madeley

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4 votes

Yearly is $80 (6 months being half a year)

$80 is 3.2% of $2500

Yearly interest rate is 3.2%

MQuiroz answered Jan 30, 2017

by MQuiroz

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