Question 3 Wasim has forgotten the rate of simple interest he earned on a five-month term deposit at the bank. At the end of the five-month period, he received interest of $543.75 on his $14,500 00 deposit. What monthly rate of simple interest did his deposit earn? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. For example 34 56% Monthly interest rate = 0.00 %
Question 3 Wasim has forgotten the rate of simple interest he earned on a five-month term deposit at the bank. At the end of the five-month period, he received interest of $543.75 on his $14,500 00 deposit. What monthly rate of simple interest did his deposit earn? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. For example 34 56% Monthly interest rate = 0.00 %
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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Transcribed Image Text:Question 3
Wasim has forgotten the rate of simple interest he earned on a five-month term deposit at the bank. At the end of the five-month period, he received interest of $543.75 on his $14,500 00
deposit. What monthly rate of simple interest did his deposit earn? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. For example
34 56%
Monthly interest rate = 0.00 %
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