Mathematics
ScottieCallas336
25

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?

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(1) Answers
MaragretSakoda

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 1,426.37 = (874.00)(r)(34) 1,426.37 = 29,716r r = 0.480000067... r = about 4.8%

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