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What was the interest rate on the account

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(a) Erin put $400 into a savings account earning simple interest. She made no additional deposits or withdrawals. At the end of 3 years, she had $442 in her account. What was the interest rate on the account?

(b) Katie has a balance of $239.56. She deposits a check for $23.89 and a check for $89.06. Then Katie makes a withdrawal from the ATM for $150.00. What is Katie's new balance

(c) An account that is earning interest compounded quarterly will earn more interest than an account earning the same interest rate compounded monthly.

Reference no: EM132234853

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