Loading [MathJax]/jax/output/SVG/jax.js
 
+0  
 
0
583
1
avatar+193 

An engineer invested $10,000$inasixmonthsavingscertificatethatpaidasimpleannualinterestrateof$12%$.Aftersixmonths,sheinvestedthetotalvalueofherinvestmentinanothersixmonthcertificate.Aftersixmoremonths,theinvestmentwasworth$11,\!130$. If the annual interest rate of the second certificate is $r\%,$ then what is $r?$

 Feb 14, 2021
 #1
avatar+37167 
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

1 Online Users