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) About Me  (Show Source):
You can put this solution on YOUR website!
The interest earned in 3 months is:
+1400+-+1350+=+50+
+4%2A3+=+12+ which is 1 year
+4%2A50+=+200+ interest earned in 1 year
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The interest rate is:
+200%2F1350+=+.1481
+.1481%2A100+=+14.81+
To the nearest 1/10 of a percent,
the annual interest rate is 14.8%