Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An investment of $4,170 was deposited for 7 months yielding simple interest. The interest earned was $43.79. What monthly simple interest rate was earned by

image text in transcribed

An investment of $4,170 was deposited for 7 months yielding simple interest. The interest earned was $43.79. What monthly simple interest rate was earned by this investment? 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 %

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

The Private Equity Toolkit A Step By Step Guide To Getting Deals Done From Sourcing To Exit

Authors: Tamara Sakovska

1st Edition

1119697107, 978-1119697107

More Books

Students also viewed these Finance questions

Question

How have security concerns affected physical distribution?

Answered: 1 week ago