The first nations bank pays 4 2/5% interest per year on growth funds accounts. what is the annual income on a growth fund account of 51,200?

The correct answer is US$ 2,252.80

Step-by-step explanation:

1. Let's review all the data that was given to us in the question.

Deposit at the start of the year = US$ 51,200

Interest rate on growth funds account = 4 2/5%

2. For calculating the annual income of the account, we'll need to do the following calculation:

Annual income = Deposit at the start of the year * Interest rate

Annual income = 51,200 * 4 2/5%

Annual income = 51,200 * 4,4% (2/5 = 0.4)

Annual income = US$ 2,252.80

The annual income of a US$ 51,200 growth funds account at 4 2/5% is US$ 2,252.80

0.50 , 0.75

step-by-step explanation: