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jcdavi34

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?

  • 11 months ago
  • 11 months ago

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  1. jcdavi34
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    is anyone there any members can help me please

    • 11 months ago
  2. jdoe0001
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    do you happen to have the Interest Rate Formula?

    • 11 months ago
  3. jcdavi34
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    no :(

    • 11 months ago
  4. jdoe0001
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    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?

    • 11 months ago
  5. jdoe0001
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    would you expect X+[5percent of X]? after 1 year?

    • 11 months ago
  6. jdoe0001
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    ok, what's 10% of 100? :)

    • 11 months ago
  7. jcdavi34
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    10

    • 11 months ago
  8. jdoe0001
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    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 :)

    • 11 months ago
  9. jdoe0001
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    Macy originally put $2481, after 18 years, with yearly interest, it became $3,418.82 so $3,418.82 = $2481 + [$2481 * RATE] *18years

    • 11 months ago
  10. jcdavi34
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    it ask for the interest rate

    • 11 months ago
  11. jcdavi34
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    7.7% 1.5% 5.6% 2.1%

    • 11 months ago
  12. Numb3r1
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    Even if it's earning simple interest, the interest will compound annually.

    • 11 months ago
  13. jdoe0001
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    $$ A= 3,418.82\\ P= 2,481\\ r = ? -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$

    • 11 months ago
  14. jdoe0001
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    woops, ahemm

    • 11 months ago
  15. jcdavi34
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    7.7% 1.5% 5.6% 2.1% these are the answrs

    • 11 months ago
  16. jdoe0001
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    $$ A= 3,418.82\\ P= 2,481\\ \color{blue}{r = ?}\\ -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$

    • 11 months ago
  17. jdoe0001
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    @jcdavi34 what does that give you?

    • 11 months ago
  18. jdoe0001
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    ohh,and T=18, 18years :/

    • 11 months ago
  19. jcdavi34
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    i got 2.1%

    • 11 months ago
  20. jdoe0001
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    $$ A= 3,418.82\\ P= 2,481\\ t=18\\ \color{blue}{r = ?}\\ -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$ what do you get?

    • 11 months ago
  21. jdoe0001
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    2.1% that is :)

    • 11 months ago
  22. jcdavi34
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    thanks!

    • 11 months ago
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