Question
Helen invested her savings of $1,250 in a savings account that was earning simple interest at 3.63% p.a. She also invested $3,475 in her friend's
Helen invested her savings of $1,250 in a savings account that was earning simple interest at 3.63% p.a. She also invested $3,475 in her friend's business at 0.20% p.m.
a.What is the interest rate per month that is equivalent to 3.63% p.a.?
%Round to two decimal places
b.What was the total interest earned from both investments at the end of 9 months?
Round to the nearest cent
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Financial Accounting
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
6th Edition
1618533118, 978-1618533111
