Solve the problem.
-The First Nations Bank pays $7 \frac{3}{4} \%$ interest per year on certificate accounts. What is the annual income on a certificate account of $\$ 64,400$ ? Round to the nearest dollar.

Question

Quizplus · Accepted Answer

To find the annual income, multiply the principal amount (\$64,400) by the interest rate (7.75% or 0.0775 in decimal form). \$64,400 * 0.0775 = \$4,991. This is the annual income, rounded to the nearest dollar.

Solve the Problem 734%7 \frac{3}{4} \%743​% Interest Per Year on Certificate Accounts

Solve the Problem $7 \frac{3}{4} \%$ Interest Per Year on Certificate Accounts