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26 February, 12:23

You deposit $1,200 in an account that earns simple interest. After 42 months, the account earns $96.60 in interest. What is the annual interest rate to the nearest tenth of a percent?

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  1. 26 February, 12:47
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    Interest rate:

    42x = 96.60

    :42 : 42

    x = 2.30

    Full Equation:

    1,200 + (2.30 * 42)

    1,200 + 96.60

    $1,296.60
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