Giselle deposited $3500 into a savings account for which simple interest is calculated monthly. if her $3500 grew to $3514 after 1 month, what is the yearly interest rate on giselle's account? a. 0.48% b. 4% c. 0.4% d. 4.8%

D. 4.8 %.

Step-by-step explanation:

Since, the amount after getting simple interest on an amount is,

Where, P is the principal amount,

r is the rate of interest per period,

t is the number of periods,

Here, P = $ 3500,

t = 1 month,

A = $ 3514,

Let R be the annual rate of percentage,

Thus, the rate per month = R/12 %,

By substituting the value in the above formula,

Hence, the annual rate of interest on account is 4.8 %.

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step-by-step explanation:

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