Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5 . If the bank returns $ 5 0 on a $ 1 , 0 0 0 deposit after one year, what is the interest

5. If the bank returns $50 on a $1,000 deposit after one year, what is the interest rate earned on this deposit?
0.95%
5%
50%
0.05%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quantitative Analysis For Management

Authors: Barry Render, Ralph M. Stair, Michael E. Hanna, Trevor S. Hale

14th Edition

ISBN: 0137943601, 9780137943609

More Books

Students also viewed these Finance questions