China Caron invested $2400 in a simple interest account and earned $108 in 9 months, what is the annual interest rate?
1 Answer
May 7, 2017
$108 over 9 months => $12 per month
Now, 12/2400 => 1/200
so, (1/200) x 100 => 0.5% per month
Hence, 0.5 x 12 => 6% per annum
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