Question

Use the graph showing Phillip's account balance to answer the question that follows. ^

What is the interest rate on Phillip's account?

A - 3.3%

B - 6.7%

C - 9.0%

D - 15.3%

Answer 1

A - 3.3%

Explanation:

From the graph

Where x= 0

Amount =$ 450

It shows that$450 is the capital

Then

When x= 3

Amount=$494.55

So interest generated within 3 years

= $494.55-$450

=$ 44.55

When x= 9

Amount = $583.65

So interest generated within 9 years

= $583.65-$450

=$ 133.65

PRT/10= Interest

450*x*3/100= 44.55

1350x= 4455

X= 4455/1350

X= 3.3

So the rate is =3.3%