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23 October, 22:02

A bank account has a beginning 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?

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  1. 24 October, 00:26
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    This is tricky because we are given the interest rate for the year but the problem is figureing the interest for 6 months or 1/2 year. We will have to double the difference before solving for the yearly interest.

    572.60 - 560.00 = 12.60 interest added for 6 months x 2 = 25.20 for 12 months

    (This problem assumes the interest will stay the same the next 6 months)

    We need to find what percent 25.20 is to our original balance.

    25.20/560 = x / 100

    2520 = 560x

    x = 4.5 percent interest

    Check. 045 x 560.00 = 25.20 interest in one year (or 12.60 in 6 months)
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