Quantcast

A community for students. Sign up today!

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

jcdavi34

  • 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?

  • This Question is Closed
  1. jcdavi34
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    is anyone there any members can help me please

  2. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    do you happen to have the Interest Rate Formula?

  3. jcdavi34
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    no :(

  4. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 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?

  5. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    would you expect X+[5percent of X]? after 1 year?

  6. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok, what's 10% of 100? :)

  7. jcdavi34
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    10

  8. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 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 :)

  9. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Macy originally put $2481, after 18 years, with yearly interest, it became $3,418.82 so $3,418.82 = $2481 + [$2481 * RATE] *18years

  10. jcdavi34
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    it ask for the interest rate

  11. jcdavi34
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    7.7% 1.5% 5.6% 2.1%

  12. Numb3r1
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Even if it's earning simple interest, the interest will compound annually.

  13. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    $$ A= 3,418.82\\ P= 2,481\\ r = ? -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$

  14. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    woops, ahemm

  15. jcdavi34
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    7.7% 1.5% 5.6% 2.1% these are the answrs

  16. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    $$ A= 3,418.82\\ P= 2,481\\ \color{blue}{r = ?}\\ -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$

  17. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    @jcdavi34 what does that give you?

  18. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ohh,and T=18, 18years :/

  19. jcdavi34
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i got 2.1%

  20. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

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

  21. jdoe0001
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    2.1% that is :)

  22. jcdavi34
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    thanks!

  23. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Ask a Question
Find 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
  • 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.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.