Question

PLEASE HELP!! Madison currently has a balance of $5,503.51 in an account earning simple interest. Nineteen years ago she opened the account with an initial deposit of $3,196. What is the interest rate on the account?

Answer 1

The answer is 9.1%, correct? That's all I need to know; if the interest rate is 9.1%.

Answer 2

so you need to do 3196 multiplied by the interest rate (Let's call it C).
3196 x C^19 = 5503.51
C^19 = 1.72199937422
c= 1.02%