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Macy currently has a balance of $3,418.82 in an account earning simple interest. Eighteen years ago she opened the account with an initial deposit of $2,481. What is the interest rate on the account?

Mathematics
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is anyone there any members can help me please
do you happen to have the Interest Rate Formula?
no :(

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Other answers:

or, I should say, if you stick "X" amount in the bank today, and they say they'll give you 5percent interest, how much would you expect in 1year?
would you expect X+[5percent of X]? after 1 year?
ok, what's 10% of 100? :)
10
ok, so if you put $100 in the bank, and they they'd give you 10 yearly interest, after 1 year, you'd expect $100+[10% of $100 = $10], thus $110 :)
Macy originally put $2481, after 18 years, with yearly interest, it became $3,418.82 so $3,418.82 = $2481 + [$2481 * RATE] *18years
it ask for the interest rate
7.7% 1.5% 5.6% 2.1%
Even if it's earning simple interest, the interest will compound annually.
$$ A= 3,418.82\\ P= 2,481\\ r = ? -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$
woops, ahemm
7.7% 1.5% 5.6% 2.1% these are the answrs
$$ A= 3,418.82\\ P= 2,481\\ \color{blue}{r = ?}\\ -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$
@jcdavi34 what does that give you?
ohh,and T=18, 18years :/
i got 2.1%
$$ A= 3,418.82\\ P= 2,481\\ t=18\\ \color{blue}{r = ?}\\ -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$ what do you get?
2.1% that is :)
thanks!

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