Question

Susie opens a simple interest checking account after 6 months her account grew from $500 to $508.75 what is the interest rate on her account

Answer 1

3.5 %

Explanation:

508.75 - 500 = 8.75

8.75 = (500) (r) (0.5)

8.75/250 = (250) (r)/250

.035 = r

Move the decimal two places to the right to get 3.5%.

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