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jcdavi34
 2 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?
jcdavi34
 2 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?

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

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

jdoe0001
 2 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
 2 years ago
Best ResponseYou've already chosen the best response.0would you expect X+[5percent of X]? after 1 year?

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

jdoe0001
 2 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
 2 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

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

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

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

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

jdoe0001
 2 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
 2 years ago
Best ResponseYou've already chosen the best response.0@jcdavi34 what does that give you?

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

jdoe0001
 2 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?
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