You deposited a $1,000 in your account in a bank that gives a dailly interest of i where interest is paid monthly. Assuming simple interest, calculate the interest rate (1) that will result in $1,006 in your bank account after a month. Select one: a. 0.060 % b. 0.040 % c. 0.020 % d. 0.016 %

You deposited a $1,000 in your account in a bank that gives a dailly interest of i where interest is paid monthly. Assuming simple interest, calculate the interest rate (1) that will result in $1,006 in your bank account after a month. Select one: a. 0.060 % b. 0.040 % c. 0.020 % d. 0.016 %

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

You deposited a $1,000 in your account in a bank that gives a daily interest of i where interest is
paid monthly. Assuming simple interest, calculate the interest rate (1) that will result in $1,006 in
your bank account after a month.
Select one:
a. 0.060 %
b. 0.040 %
c. 0.020 %
o d. 0.016 %

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