document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1029187>Question 1029187</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Using algebraic progression:<BR>\n" );
document.write( "Hanh deposited $200 into the bank on 1 January and on the first day of each of the following months. At the end of June, when the interest was calculated, he found that his account balance was $1206.30. Find the rate of simple interest paid by the bank.  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #644279 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=644279\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Hanh deposited $200 into the bank on 1 January and on the first day of each of the following months. At the end of June, when the interest was calculated, he found that his account balance was $1206.30. Find the rate of simple interest paid by the bank. <BR>\n" );
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document.write( "Jan1:: 200<BR>\n" );
document.write( "Feb1:: 2(200)+200(r) = 200(2+r)<BR>\n" );
document.write( "Mar1:: 3(200) + [200(2+r)]r = 200(3+(2+r)r = 200(3+2r+r^2)<BR>\n" );
document.write( "etc. till you get to 1Julyl.<BR>\n" );
document.write( "Then set the 1Jul result equal to 1206.30 and solve for \"r\"::<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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