Ron deposited $450 into a savings account for which simple interest is calculated semiannually. If his $450 grew to $459 after 6 month

Question

Ron deposited $450 into a savings account for which simple interest is
calculated semiannually. If his $450 grew to $459 after 6 months, what is the
yearly interest rate on Ron’s account?
A. 1%
B. 2%
C.4%
D. 8%

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Lydia 6 days 2021-09-10T11:41:43+00:00 1 Answer 0

Answers ( )

    0
    2021-09-10T11:43:22+00:00

    Answer:

    Step-by-step explanation:

    Simple Interest = Principal × Time × Rate /100

    Semiannually means happening twice in a year.

    Interest rate = SI×100/Principal×Time

    Interest rate=$459-$450=$9 for 6 months, $9×2=$18 for a year.

    Rate=$18×100/450×1

    =4%

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