Question 354920: If a womann invested $2400 in a simple interest account and earned $84 in 6 months, what is the annual interest rate? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! in 6 months she earned $64
in one year it will be double of that= $132.
p= $2400
r=?
time = 1 year
I= 132
...
132=2400*r*1
132/2400=r
r= 0.055
= 5.5%
...
m.ananth@hotmail.ca
