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 is being earned annually on this account?

Answer 1

Well here are all the factors of 572 : 1,2,4,11,13,22,26,44,52,143,286,572.
So right off the bat take the #'s that are not going to equal more than 6x,so 1,2,4,11,13,22,26, all go.

No all you have is 44,52,143,286,now multiply one of them by six and you should get your answer.

Answer 2

572.60
-560.00
=12.6
Then divide 12.6 by 6 and your answer would be $2.10 annually