Question

Mae currently has a balance of $8,484.79 in an account earning simple interest. Seventeen years ago she opened the account with an initial deposit of $4,854. What is the interest rate on the account?
4.4%

2.5%

10.3%

5.9%

Answer 1

8484.79-4854=3,630.79,,3630.79=4854*17 r,,r=4.4%