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Hoochie [10]
2 years ago
8

A man was surprised when he found an old bank account statement in his mother’s attic. Money had been left for 30 years in a ban

k account paying simple annual interest. The statement showed that originally $500 had been put into the account. When he called the bank, he found that there is now $1550 in the account! What is the annual interest rate?
Mathematics
2 answers:
Luba_88 [7]2 years ago
7 0

Answer:

x = 0.0384

Step-by-step explanation:

500(1+x)^(30)=1550

Tamiku [17]2 years ago
5 0

Answer:

7%

Step-by-step explanation:

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