SOLUTION: BANKING: On July 1, Sari deposited $540 in a bank account paying simple interest. Exactly one year, he closed the account and withdrew $564.30. At what percent was interest paid

SOLUTION: BANKING: On July 1, Sari deposited $540 in a bank account paying simple interest. Exactly one year, he closed the account and withdrew $564.30. At what percent was interest paid

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Question 242947: BANKING:
On July 1, Sari deposited $540 in a bank account paying simple interest. Exactly one year, he closed the account and withdrew $564.30. At what percent was interest paid on his account during the year?

(In class we are showing it in fractions, and I need help. Can you also so the steps out please. And thank you.)
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
540*x=564.50
x=564.50/540
x=1.04537 or 4.537% interest rate.
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