the annual interest rate for jacks savings account increased from 2.8% to 4.1%. Describe the change as a relative change in terms of a percentage. The annual interest rate increased by?

Question

Mathematics

Israel Todd

11 June, 09:31

the annual interest rate for jacks savings account increased from 2.8% to 4.1%. Describe the change as a relative change in terms of a percentage. The annual interest rate increased by?

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Quintin Leon · Answer 1

The additional 1.3% of increase in the annual interest rate that Jack is receiving in his savings account, from 2.8% to 4.1%, represent an increase of 46.42%.

Step-by-step explanation:

Jacks's savings account annual interest rate before = 2.8%

Jacks's savings account annual interest rate after the increase = 4.1%

Difference of the two rates = 4.1% - 2.8% = 1.3%

How much percentage is that additional 1.3% from the rate before the increase?

(1.3 * 100) / 2.8 = 130/2.8 = 46.42%

The annual interest rate increased by 46.42% from the previous annual interest rate.