Answered: After putting $400 into a savings…

After putting $400 into a savings account for 11years at a 2.4% simple interest rate you withdraw $505.60. How much interest did you make? a)$400.00 b)$105.60 c)$505.60 d)2.4%

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

After putting $400 into a savings account for 11years at a 2.4% simple interest rate you withdraw $505.60. How much interest did you make?

a)$400.00

b)$105.60

c)$505.60

d)2.4%

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