Mathematics, 04.02.2020 11:02 shelbycg02
My final balance after 48 months was $896.00 if i originally put $800.00 into the bank what was the interest rate
Answers: 3
![\bf 896=800[1+r(2)]\implies \cfrac{896}{800}=1+2r\implies \cfrac{28}{25}=1+2r \\\\\\ \cfrac{28}{25}-1=2r\implies \cfrac{3}{25}=2r\implies \cfrac{3}{50}=r\implies 0.06=r \\\\\\ \stackrel{\textit{converting to percentage}}{0.06\cdot 100=r}\implies \stackrel{\%}{6}=r](/tpl/images/0500/1951/f7e75.png)
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My final balance after 48 months was $896.00 if i originally put $800.00 into the bank what was the...
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