SOLUTION: find the annual yield to the nearest tenth of one percent if the selling price is $1,040 and the annual interest is $120.00

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Question 145123: find the annual yield to the nearest tenth of one percent if the selling price is $1,040 and the annual interest is $120.00
Found 2 solutions by checkley77, stanbon:
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
1,040*X=120
X=120/1,040
X=.1154 OR 11.5% IS THE ANNUAL INTEREST RATE.

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
find the annual yield to the nearest tenth of one percent if the selling price is $1,040 and the annual interest is $120.00
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120/1040 = 0.11538...
annual interest is 11.5%
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Cheers,
Stan H.