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AGummiBear55
PLEASE HELP!! Madison currently has a balance of $5,503.51 in an account earning simple interest. Nineteen years ago she opened the account with an initial deposit of $3,196. What is the interest rate on the account?
The answer is 9.1%, correct? That's all I need to know; if the interest rate is 9.1%.
so you need to do 3196 multiplied by the interest rate (Let's call it C). 3196 x C^19 = 5503.51 C^19 = 1.72199937422 c= 1.02%