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At the end of 9 months, the balance of an account earning annual simple interest is $8180. If at the end of 15 months the balance is $8300, what is the annual interest rate?

Question

At the end of 9 months, the balance of an account earning annual simple interest is $8180. If at the end of 15 months the balance is $8300, what is the annual interest rate? 

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Step 1

To calculate the annual interest rate of amount when total balance in the account at the end of 9 months with simple interest is $8180 and total balance in the account at the end of 15 months with simple interest is $8300. Now, first convert the provided time interval in years then use the formula of amount and simple interest to find the value of annual interest rate.

Step 2

Now, convert the both time interval in terms of years by dividing 12.

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Step 3

The formula of amount and simple...

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