Marvin currently has a balance of $1192 in an account he has held for 14 years. he opened the account with an initial deposit of
$800. what is the simple interest on the account?
a. 2.3%
b. 3.5%
c. 7.1%
d. 10.6%
2 answers:
you'd get a decimal value for the rate, just multiply it times 100, to get the percentage format of it.
Answer:
Option B. 3.5%
Step-by-step explanation:
Marvin currently has a balance of $1192 in his account. He opened the account with an initial amount of $800.
Duration for which the amount was held = 14 years
we have to calculate the rate of interest
Since Simple interest =
Interest = Final amount - initial amount
Interest = 1192 - 800
= $392
Now we plug these values in the formula
392 =
392 =
R =
= 3.5%
Option B is the answer.
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