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 one year 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?
 one year 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?

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

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

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

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

jdoe0001
 one year 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
 one year 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

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

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

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

jcdavi34
 one year ago
Best ResponseYou've already chosen the best response.07.7% 1.5% 5.6% 2.1% these are the answrs

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

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

jdoe0001
 one year 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?
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