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jcdavi34
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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?
 one year ago
 one year ago
jcdavi34 Group Title
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?
 one year ago
 one year ago

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jcdavi34 Group TitleBest ResponseYou've already chosen the best response.0
is anyone there any members can help me please
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
do you happen to have the Interest Rate Formula?
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
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?
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
would you expect X+[5percent of X]? after 1 year?
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
ok, what's 10% of 100? :)
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
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 :)
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
Macy originally put $2481, after 18 years, with yearly interest, it became $3,418.82 so $3,418.82 = $2481 + [$2481 * RATE] *18years
 one year ago

jcdavi34 Group TitleBest ResponseYou've already chosen the best response.0
it ask for the interest rate
 one year ago

jcdavi34 Group TitleBest ResponseYou've already chosen the best response.0
7.7% 1.5% 5.6% 2.1%
 one year ago

Numb3r1 Group TitleBest ResponseYou've already chosen the best response.0
Even if it's earning simple interest, the interest will compound annually.
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
$$ A= 3,418.82\\ P= 2,481\\ r = ? \\ A=P+ Prt \implies P(1+rt)\\ AP=Prt\implies \color{blue}{\cfrac{AP}{Pt}=r} $$
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
woops, ahemm
 one year ago

jcdavi34 Group TitleBest ResponseYou've already chosen the best response.0
7.7% 1.5% 5.6% 2.1% these are the answrs
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
$$ A= 3,418.82\\ P= 2,481\\ \color{blue}{r = ?}\\ \\ A=P+ Prt \implies P(1+rt)\\ AP=Prt\implies \color{blue}{\cfrac{AP}{Pt}=r} $$
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
@jcdavi34 what does that give you?
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
ohh,and T=18, 18years :/
 one year ago

jcdavi34 Group TitleBest ResponseYou've already chosen the best response.0
i got 2.1%
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
$$ A= 3,418.82\\ P= 2,481\\ t=18\\ \color{blue}{r = ?}\\ \\ A=P+ Prt \implies P(1+rt)\\ AP=Prt\implies \color{blue}{\cfrac{AP}{Pt}=r} $$ what do you get?
 one year ago

jdoe0001 Group TitleBest ResponseYou've already chosen the best response.0
2.1% that is :)
 one year ago
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