Question

aiden currently has a balance of $4443.48 in an account he has held for 17 years he open the account with initial deposit of $2567 what is the simple interest rate on the account

Answer 1

$\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\to &\ 4443.48\\ P=\textit{original amount deposited}\to& \ 2567\\ r=rate\to r\%\to \frac{r}{100}\\ t=years\to &17 \end{cases} \\\\\\ 4443.48=2567(1+r17)\implies \cfrac{4443.48}{2567}=1+17r \\\\\\ \cfrac{4443.48}{2567}-1=17r\implies \cfrac{\frac{4443.48}{2567}-1}{17}=r\implies 0.043\approx r \\\\\\ 0.043\approx\cfrac{r}{100}\implies 0.043\cdot 100\approx r\implies 4.3\%\approx r$