Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

Carii995

  • 3 years ago

Marvin currently has a balance of $1,192 in an account he has held for 14 years. He opened the account with an initial deposit of $800. What is the simple interest on the account?

  • This Question is Closed
  1. mattishot
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    x=.029

  2. mattishot
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I didn't really do it the smart way. I just set up the interest equation, which is 1,192=800(1+x)^14 and guess and tested :/

  3. mattishot
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    after solving down to (1+x)^14=1.49, it was kind of easy.

  4. mathstudent55
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    If he deposited $800 and now has $1,192, he earned $392 in interest. Since he earned $392 in interest in 14 years, he earned $392/14 = $28 per year. $28 is i percent of $800? 28 = (i/100)800 i = 3.5%

  5. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy