A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 3 years ago
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?
anonymous
 3 years ago
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?

This Question is Closed

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0is anyone there any members can help me please

jdoe0001
 3 years ago
Best ResponseYou've already chosen the best response.0do you happen to have the Interest Rate Formula?

jdoe0001
 3 years ago
Best ResponseYou've already chosen the best response.0or, 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?

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

jdoe0001
 3 years ago
Best ResponseYou've already chosen the best response.0ok, what's 10% of 100? :)

jdoe0001
 3 years ago
Best ResponseYou've already chosen the best response.0ok, 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 :)

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

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0it ask for the interest rate

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0Even if it's earning simple interest, the interest will compound annually.

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

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.07.7% 1.5% 5.6% 2.1% these are the answrs

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

jdoe0001
 3 years ago
Best ResponseYou've already chosen the best response.0@jcdavi34 what does that give you?

jdoe0001
 3 years ago
Best ResponseYou've already chosen the best response.0ohh,and T=18, 18years :/

jdoe0001
 3 years ago
Best 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?
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.