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

Question

Yanka [14]

3 years ago

14

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?

Mathematics

1 answer:

kumpel [21] · Answer 1 · 2022-02-21T07:43:03+03:00

kumpel [21]3 years ago

3 0

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%