Ask Question
5 February, 02:53

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?

2.20%

.045%

2.25%

4.5%

+1
Answers (1)
  1. 5 February, 03:26
    0
    D. 4.5%.

    Step-by-step explanation:

    Interest earned in 6 months = 572.6 - 560 = $12.60.

    As a percentage this is (12.60 * 100) / 560

    = $ 2.25%.

    So the annual interest is 2 * 2.25

    = 4.5%.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “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 ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers