Determine the simple interest rate at which $2400 will grow to $2455 in 5 months. (Round your answer to two decimal places.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Determine the simple interest rate at which $2400 will grow to $2455 in 5 months. (Round your answer to two decimal places.)
Transcribed Image Text:Determine the simple interest rate at which $2400 will grow to $2455 in 5 months. (Round your answer to two decimal places.)
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