21savagekelvin 21savagekelvin

03-11-2016
Mathematics

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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?

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The1Toad1Sage The1Toad1Sage

03-11-2016

The interest rate is 1.0225%. To check my answer just add 1.0225% to $560.00 6 times. 560.00 + 1.0225% + 1.0225%......

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