Rates over One Year Determine the interest rate earned on a $500 deposit when $650 is paid back in one year.
A)0.77 percent
B)1.30 percent
C)30.0 percent
D)77.0 percent

Name: Rates over One Year Determine the interest rate earned on a $500 deposit when $650 is paid back in one year. A)0.77 percent B)1.30 percent C)30.0 percent D)77.0 percent
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Question

Quizplus · Accepted Answer

The interest earned is $650 - $500 = $150. The interest rate is ($150 / $500) * 100% = 30.0 percent.

Rates Over One Year Determine the Interest Rate Earned on a $500