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Maslowich
3 years ago
15

Nigel currently has a balance of $668.47 in an account he has held for 15 years. he opened the account with an initial deposit o

f $497. what is the simple interest rate on the account?
Business
1 answer:
VashaNatasha [74]3 years ago
8 0
<span>You are given Nigel's current balance of $668.47 in an account he has held for 15 years. Also you are given an initial deposit of $497. You are asked to find the simple interest rate on the account. You will use the simple interest formula, F = P(1 + rn) were F is the current balance, P is the principal amount deposited, r is the rate and n is the number of years.

</span>F = P(1 + rn)
668.47 = 497(1 + r(15))
r = 0.023 or 2.3%
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