Meghan Hughes deposits $4,300.00 in an account that pays simple interest. When she withdraws her money 8 months later, she receives $4,529.33. What rate of interest did the account pay? Round to the nearest whole percent.

Kallie Fritz

Kallie Fritz

Answered question

2022-09-23

Meghan Hughes deposits $4,300.00 in an account that pays simple interest. When she withdraws her money 8 months later, she receives $4,529.33. What rate of interest did the account pay? Round to the nearest whole percent.

Answer & Explanation

Zackary Galloway

Zackary Galloway

Beginner2022-09-24Added 17 answers

We know that the simple interest is given by
4529.33 = 4300 ( 1 + 8 r ) 4529.33 = 43 w + 344 w r r = 229.33 344 w r = 0.006665

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