Nigel currently has a balance of $668.47 in an account he has held for 15 years. He opened the account with an initial deposit of $497. What is the simple interest rate on the account?

Question

anonymous · Answer

F=P(1+ni)..  F= 668.47, P=497 ,  n= 15 years..  i=?
the equation would be 
$$\frac{ (\frac{ F }{ P } - 1) }{ n}$$

i= 0.023 or 2.3% annually

anonymous · Answer

forgot to include that equation would be equal to i or the interest rate