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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 o…

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 o…
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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?

User Ashish Agarwal
by
8.1k points

2 Answers

3 votes

Answer:

3.2%

Explanation:

Apex Good luck :)

User Danielle Madeley
by
7.9k points
4 votes
Yearly is $80 (6 months being half a year)

$80 is 3.2% of $2500

Yearly interest rate is 3.2%
User MQuiroz
by
7.6k points
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