Concept explainers
To find the average annual interest rate earned.
Answer to Problem 74PPS
1.5 %
Explanation of Solution
Given:
Investment on savings account: $225
After two years, the account has $232.
Formula used:
Given that the formula is
Calculation:
Consider the given formula,
Let,
Substitute the above values in the given formula.
Conclusion:
Therefore, the average annual interest rate that Tadi’s account earned is about 1.5%
Chapter 7 Solutions
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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