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Xavier opened a savings account with a deposit of $12,000.

The account earned simple interest.
He did not make any additional deposits or withdrawals.
At the end of 3 years, the account balance was $12,324.
What is the annual interest rate on this account?


0.9%

1.8%

2.7%

3.6%

Sagot :

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Answer:

the answer is 236.25

Step-by-step explanation:

The interest rate on annual basis on the given account should be considered as 0.9%.

Calculation of the annual interest rate:

Here the interest amount be

= Future value - principal

= $12,324 - $12,000

= $324

Now the interest rate be like

Interest = Principal * rate * time period

$324 = $12,000 * rate * 3/ 100

So, the rate be 0.9%.

Hence, The interest rate on annual basis on the given account should be considered as 0.9%.

Learn more about interest rate here: https://brainly.com/question/14191952

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