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?

check_circleExpert Solution
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.

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Step 2

Substitute the given detai...

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Algebra

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