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Home Q & A Board Science-Related Homework Help Mathematics
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Judy Evans Judy Evans
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A year ago
Megan Hughes deposits 4200 in an account that pays simple interest. When she withdraws her money 7 months​ later, she receives 4494.00 . What rate of interest did the account​ pay? Round to the nearest whole percent.
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A year ago Edited: A year ago, bio_man
A = PRT

P is the principal
R is the rate that we're looking for.
T is the time

A is the amount of interest accumulated, so we take $4494 - 4200 = $294

Because the rate is the annual percentage, we must convert 7 months to years. So:

7 months times (1 year per 12 months), we get:

T = 7/12 years.

Let's put this all together:

A = PRT
494 = 4200(R)(7/12)

Divide both sides by 4200(7/12), we get:

294/(4200*7/12) = R
0.12= R

Multiply R by 100%, we get:

R = 12%

Rounded to the nearest whole, that is 12% per year.

Thumbs up if it helps
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