Noel currently has a balance of $2,300.37 in an account he has held for 34 years. He opened the account with an initial deposit of $874. What is the simple interest rate on the account?

Question

anonymous · Answer

a. 2.9%
b. 7.7%
c. 1.8%
d. 4.8%

mertsj · Answer

How much interest did he earn in those 34 years?

anonymous · Answer

a*i(x)=f
a= is the initial amount
x= is the amount of time 
f = is the final amount
i = is the interest

anonymous · Answer

1,426.37

mertsj · Answer

interest = principal (rate)(time)

anonymous · Answer

what? i took the ending amount and subtracted the beginning amount from it

mertsj · Answer

1426.37=874(r)(34)
1426.37=29716r
.048=r

anonymous · Answer

ooohh okay so D? thank you!

anonymous · Answer

yeah it's D

mertsj · Answer

yep