A Bank Deposit Paying Simple Interest Grew from an Initial

question 204

Multiple Choice

A bank deposit paying simple interest grew from an initial sum of $1,000 to a sum of $1,045 in 9 mo. Find the interest rate. ​

• A) The interest rate is 7%/year.
• B) The interest rate is 6%/year.
• C) The interest rate is 7.2%/year.
• D) The interest rate is 5.5%/year.

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Definitions:

Systems and Procedures

Established methods and organized processes created to conduct activities and tasks in a consistent and orderly manner.

Technology

The use of scientific understanding for real-world applications, particularly in the industrial sector.

B.F. Skinner

An influential American psychologist best known for his work in behaviorism and the development of the theory of operant conditioning.

Margaret Mead

An American cultural anthropologist known for her studies and writings on cultural phenomena and her influence on the field of anthropology.