Determine the interest rate earned on a $450 deposit when $475 is paid back in one year.
A) 0.89 percent
B) 1.13 percent
C) 5.56 percent
D) 13.0 percent

Name: Determine the interest rate earned on a $450 deposit when $475 is paid back in one year. A) 0.89 percent B) 1.13 percent C) 5.56 percent D) 13.0 percent
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Question

Quizplus · Accepted Answer

The interest rate can be calculated using the formula: Interest Rate = [(Final Amount - Initial Amount) / Initial Amount] * 100. So, [(475 - 450) / 450] * 100 = 5.56 percent.

Determine the Interest Rate Earned on a $450 Deposit When