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14 March, 11:41

Giselle deposited $3500 into a savings account for which simple interest is calculated monthly. If her $3500 grew to $3514 after 1 month, what is the yearly interest rate on Giselle's account? A. 0.48% B. 4% C. 0.4% D. 4.8%

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  1. 14 March, 11:56
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    A=p (1+rt)

    3514=3500 (1 + (1/12) r)

    Solve for r

    r=0.048*100=4.8%
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