Question

Joseph places $5,500 in a savings

account for 30 months. He earns $893.75
in interest. What is the annual interest
rate?​

Answer 1

Answer: 137.5%

Step-by-step explanation

Answer 2

Answer: About 6.2%

Explanation:

He starts with 5500 and gains 893.75 in 2.5 years.

The equation is then 5500*(x)^2.5 = 5500+893.75, or

5500*x^2.5 = 6393.75.

x is about 1.0621, or about 6.2% because it's interest.

Hope that helped,

-sirswagger21