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tekilochka [14]
2 years ago
6

Aiden currently has a balance of $4,443.48 in an account he has held for 17 years. He opened the account with an initial deposit

of $2,567. What is the simple interest rate on the account?
Mathematics
1 answer:
Stella [2.4K]2 years ago
5 0
First calculate the interest earned by subtracting the initial deposite from the current balance
4,443.48−2,567=1,876.48

Now use the formula of the simple interest which is
I=prt
I interest earned 1876.48
P principle 2567
R interest rate?
T time 17 years
Solve the formula for r to get
R=I/pt
R=1,876.48÷(2,567×17)
R=0.043×100
R=4.3%

Hope it helps!
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