Question

Giselle deposited $3500 into a savings account for which simple interest is calculated monthly. If her $3500 grew to $3514 after 1 month, what is the yearly interest rate on Giselle's account?

Answer 1

A=p(1+rt)

3514=3500(1+(1/12)r)

Solve for r

r=0.048*100=4.8%

Hope I helped :)

Answer 2

Answer:

4.8%

Step-by-step explanation:

APEX