Question

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?

Answer 1

Interest rate:

 42x = 96.60
÷42    ÷42
x = 2.30

Full Equation:

1,200 + (2.30 × 42 )
1,200 + 96.60
$1,296.60

Answer 2

Answer:

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Step-by-step explanation: