Answer
$13\frac{1}{3}\%$
Work Step by Step
Let $r$ be the annual interest rate, we have $A=P(1+rt)$ where $P=5000,A=5500,t=\frac{9}{12}=0.75$. Thus
$r=\frac{A-P}{Pt}=\frac{5500-5000}{5000(0.75)}=\frac{2}{15}$ or $r=13\frac{1}{3}\%$
Precalculus (10th Edition)
by Sullivan, Michael
Published by
Pearson
ISBN 10:
0-32197-907-9
ISBN 13:
978-0-32197-907-0
Chapter 5 - Exponential and Logarithmic Functions - 5.7 Financial Models - 5.7 Assess Your Understanding - Page 320: 2
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