# A bank account has a beginning balance of 560.00. After 6 months the balance in the account has increased to, $572.60. What interest rate is being earned annually on this account?

Because the time period is not more than 1 year, it does matter whether the interest is simple or compound.

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To find the annual interest rate, we can use the formula for simple interest:

[I = P \times r \times t]

where:

- (I) is the interest earned,
- (P) is the principal amount (beginning balance),
- (r) is the annual interest rate (in decimal),
- (t) is the time the money is invested or borrowed for (in years).

Given:

- (P = 560.00),
- (I = 572.60 - 560.00 = 12.60),
- (t = \frac{6}{12} = 0.5) (since it's 6 months),

Plugging the values into the formula:

[12.60 = 560.00 \times r \times 0.5]

[r = \frac{12.60}{560.00 \times 0.5} = 0.045]

So, the annual interest rate being earned on this account is 4.5%.

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When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

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