SOLUTION: Determine the simple interest rate at which 1350.00 will grow to 1400.00 in the 3 months. Round your answers to the nearest tenth of percent.
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Question 997765: Determine the simple interest rate at which 1350.00 will grow to 1400.00 in the 3 months. Round your answers to the nearest tenth of percent.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
The interest earned in 3 months is:
which is 1 year
interest earned in 1 year
----------------
The interest rate is:
To the nearest 1/10 of a percent,
the annual interest rate is 14.8%
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