Bianca deposited $1500 into a savings account for which simple interest is calculated quarterly. If her $1500 grew to $1509 after 3 months, what is the yearly interest rate on Bianca's account?

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
Section: Chapter Questions
Problem 2TU: If the annual percentage rate is 8% and the interest is compounded monthly, what is the amount owed...
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9. Bianca deposited $1500 into a
savings account for which
simple interest is calculated
quarterly. If her $1500 grew to
$1509 after 3 months, what is
the yearly interest rate on
Bianca's account?
Transcribed Image Text:9. Bianca deposited $1500 into a savings account for which simple interest is calculated quarterly. If her $1500 grew to $1509 after 3 months, what is the yearly interest rate on Bianca's account?
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