Haileydosh
Answered

A bank account has a beginning balance of $560.00. After 6 months, the balance in the account has increased to $572.60. What interest rate is being earned annually on this account? .045% 2.20% 2.25% 4.5%

Verified Answer :

ZacMac

I believe the answer is a 4.5% interest rate anually.

Aliwohaish12

572.6-560=12.6
I=prt
12.6=(5606/12)r
12.6=280r
R=12.6/280=0.045100=4.5%

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