Question

Mark currently has a balance of $973.70 in an account he has held for 17 years. He opened the account with an initial deposit of $700. What is the simple interest on the account?

Answer 1

16.1

Answer 2

what do i do after that

Answer 3

?

Answer 4

so what is the answer

Answer 5

16.1 is not an option

Answer 6

8.2?

Answer 7

I=P r T
973.70 = 700 x R x17
r = 973.70/700/17

Answer 8

that should give you the percentage sorry my bad

Answer 9

idk

Answer 10

what do i do

Answer 11

When you know the principal amount, the initial amount and the time. The amount of interest can be calculated by using the formula:I = Prt which can be moved around algebraically r= I/P/t

your variables are
I = 973.70
P = 700
t= 17 years