Question

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?

Answer 1

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

Answer 2

How much interest did he earn in those 34 years?

Answer 3

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

Answer 4

1,426.37

Answer 5

interest = principal (rate)(time)

Answer 6

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

Answer 7

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

Answer 8

ooohh okay so D? thank you!

Answer 9

yeah it's D

Answer 10

yep