anonymous
  • anonymous
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?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
is anyone there any members can help me please
jdoe0001
  • jdoe0001
do you happen to have the Interest Rate Formula?
anonymous
  • anonymous
no :(

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jdoe0001
  • jdoe0001
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?
jdoe0001
  • jdoe0001
would you expect X+[5percent of X]? after 1 year?
jdoe0001
  • jdoe0001
ok, what's 10% of 100? :)
anonymous
  • anonymous
10
jdoe0001
  • jdoe0001
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 :)
jdoe0001
  • jdoe0001
Macy originally put $2481, after 18 years, with yearly interest, it became $3,418.82 so $3,418.82 = $2481 + [$2481 * RATE] *18years
anonymous
  • anonymous
it ask for the interest rate
anonymous
  • anonymous
7.7% 1.5% 5.6% 2.1%
anonymous
  • anonymous
Even if it's earning simple interest, the interest will compound annually.
jdoe0001
  • jdoe0001
$$ A= 3,418.82\\ P= 2,481\\ r = ? -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$
jdoe0001
  • jdoe0001
woops, ahemm
anonymous
  • anonymous
7.7% 1.5% 5.6% 2.1% these are the answrs
jdoe0001
  • jdoe0001
$$ A= 3,418.82\\ P= 2,481\\ \color{blue}{r = ?}\\ -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$
jdoe0001
  • jdoe0001
@jcdavi34 what does that give you?
jdoe0001
  • jdoe0001
ohh,and T=18, 18years :/
anonymous
  • anonymous
i got 2.1%
jdoe0001
  • jdoe0001
$$ A= 3,418.82\\ P= 2,481\\ t=18\\ \color{blue}{r = ?}\\ -------------\\ A=P+ Prt \implies P(1+rt)\\ A-P=Prt\implies \color{blue}{\cfrac{A-P}{Pt}=r} $$ what do you get?
jdoe0001
  • jdoe0001
2.1% that is :)
anonymous
  • anonymous
thanks!

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