Noel currently has a balance of 2300.37 in an account he has held for 34 years. he opened the account with an initial deposit of
874.00...what is the simple interest rate on the account?
1 answer:
The formula for Simple Interest goes as folows:
I = prt (I = Interest; P = principal; R = Interest Rate; T = Time in Years)
Find 'I' by subtracting 2,300.37 - 874.00 = 1,426.37
<span>1,426.37</span> = (874.00)(r)(34)
1,426.37 = 29,716r
r = 0.480000067...
r = about 4.8%
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