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3.5.2 Quiz: Comparing Checking Accounts

Question 10 of 10

Toby's average balance checking account pays simple interest of 2.4%

annually, and he made $3.25 in interest last month. What was Toby's average

balance last month?

О A. $1.63

B. $1625

O C. $16.25

• D. $162.50

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Answer

C. $16.25

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Toby's average balance last month was $16.25, as he made $3.25 in interest at a rate of 2.4% annually...