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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?
 11 months ago
 11 months 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?
 11 months ago
 11 months ago

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jcdavi34Best ResponseYou've already chosen the best response.0
is anyone there any members can help me please
 11 months ago

jdoe0001Best ResponseYou've already chosen the best response.0
do you happen to have the Interest Rate Formula?
 11 months ago

jdoe0001Best 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?
 11 months ago

jdoe0001Best ResponseYou've already chosen the best response.0
would you expect X+[5percent of X]? after 1 year?
 11 months ago

jdoe0001Best ResponseYou've already chosen the best response.0
ok, what's 10% of 100? :)
 11 months ago

jdoe0001Best 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 :)
 11 months ago

jdoe0001Best 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
 11 months ago

jcdavi34Best ResponseYou've already chosen the best response.0
it ask for the interest rate
 11 months ago

Numb3r1Best ResponseYou've already chosen the best response.0
Even if it's earning simple interest, the interest will compound annually.
 11 months ago

jdoe0001Best ResponseYou've already chosen the best response.0
$$ A= 3,418.82\\ P= 2,481\\ r = ? \\ A=P+ Prt \implies P(1+rt)\\ AP=Prt\implies \color{blue}{\cfrac{AP}{Pt}=r} $$
 11 months ago

jcdavi34Best ResponseYou've already chosen the best response.0
7.7% 1.5% 5.6% 2.1% these are the answrs
 11 months ago

jdoe0001Best ResponseYou've already chosen the best response.0
$$ A= 3,418.82\\ P= 2,481\\ \color{blue}{r = ?}\\ \\ A=P+ Prt \implies P(1+rt)\\ AP=Prt\implies \color{blue}{\cfrac{AP}{Pt}=r} $$
 11 months ago

jdoe0001Best ResponseYou've already chosen the best response.0
@jcdavi34 what does that give you?
 11 months ago

jdoe0001Best ResponseYou've already chosen the best response.0
ohh,and T=18, 18years :/
 11 months ago

jdoe0001Best 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?
 11 months ago
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