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Mathematics 38 Online
OpenStudy (anonymous):

Ned currently has a balance of $1,006.13 in an account he has held for 23 years. He opened the account with an initial deposit of $612. What is the simple interest rate on the account?

OpenStudy (anonymous):

help please!

OpenStudy (anonymous):

The simple interest formula is I=PRT I=Principal x Rate x Time 394.13 = 612 x unknown x 23 solve for unknown, I'll let you do this.

OpenStudy (anonymous):

K

OpenStudy (anonymous):

after you get the unknown you will have to multiply by 100 because the rate is expressed as a decimal in the formula like say $45000 at 8% for 5 years. I=45000 x (0.08) x 5 the 0.08 is obtained by 8/100

OpenStudy (anonymous):

rate, we usually want percentage so that's why we have to multiply the unknown we figured to get it as a percentage.

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