# SOLUTION: Determine the simple interest rate at which \$2400 will grow to \$2475 in 6 months. (Round your answer to two decimal places.)

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 Click here to see ALL problems on Money Word Problems Question 608908: Determine the simple interest rate at which \$2400 will grow to \$2475 in 6 months. (Round your answer to two decimal places.)Answer by ewatrrr(10682)   (Show Source): You can put this solution on YOUR website! ``` Hi Note: In General A = Accumulated Amount P= principal = 2400 r= annual rate = n= periods per year = 1 ln(1.03) = ln(1+r)^.5 ln(1.03)/.5 = ln(1+r) e^.059 -1 = r = .0609 OR 6.09% ```