Question

Asked Apr 17, 2019

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?

Step 1

**Given:**

Account balance after 9 months* = $8180*

Account balance after 15 months* = $8300*

Let *A(t) *be the account balance after *t* years.

Then the formula for the account balance is as follows.

Step 2

Substitute the given detai...

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