Katherine received an academic achievement prize of $2,900 from his college. Hedeposited this money into a savings account on August 15, 2016. If the interestaccumulated on the investment when he withdraws the money on May 29, 2017 was$79.81, calculate the annual rate of simple interest that the savings account wasproviding him.0.00 %Round to two decimal places

Amount deposited (A) = $2900 Days between August 15, 2016 and May 29, 2017 (n) = 287 Interest earned…

Answered: Katherine received an academic…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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