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24 November, 09:27

A bank account has a beginning balance of $560.00. After 6 months, the balance in the account has increased to $572.60. What interest rate is being earned annually on this account?

2.20%

.045%

2.25%

4.5%

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  1. 24 November, 09:36
    0
    D. 4.5%.

    Step-by-step explanation:

    Interest earned in 6 months = 572.6 - 560 = $12.60.

    As a percentage this is (12.60 * 100) / 560

    = $ 2.25%.

    So the annual interest is 2 * 2.25

    = 4.5%.
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