+0  
 
0
32
1
avatar+193 

An engineer invested $\$10,\!000$ in a six-month savings certificate that paid a simple annual interest rate of $12\%$. After six months, she invested the total value of her investment in another six-month certificate. After six more months, the investment was worth $\$11,\!130$. If the annual interest rate of the second certificate is $r\%,$ then what is $r?$

 Feb 14, 2021
 #1
avatar+29193 
0

*** edited  ***

 

11 130 =(10000 + 10000*.12 /2 ) *   (1+r/2) 

             where r is in decimal form %

 

r =10 %

 Feb 14, 2021
edited by ElectricPavlov  Feb 14, 2021
edited by ElectricPavlov  Feb 14, 2021

38 Online Users

avatar
avatar