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

 

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%