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Larry opened a bank account that earns simple interest with an initial deposit of $2,200. He made no other transactions throughout the year. At the end of the year, Larry had $2260.50 in his account. What
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Larry opened a bank account that earns simple interest with an initial deposit of $2,200. He made no other transactions throughout the year. At the end of the year, Larry had $2260.50 in his account. What was the simple interest rate

User Michael Taylor
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Answer:

r=(1/t) (A/P-1) = 2.75%

The simple interest rate is 2.75%

User Apascual
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