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?

Question

anonymous · Answer

$17.14 I'm thinking, a year.

anonymous · Answer

the rate it has to be a percentage

anonymous · Answer

hmmmm

anonymous · Answer

im thinking 8%

anonymous · Answer

Is there possibly choices to choose from @syri

anonymous · Answer

yeah

anonymous · Answer

um yes :)
 1.7%

 2.8%

 4.3%

 7.1%

anonymous · Answer

@dustin123

anonymous · Answer

hmmm lemme seee

anonymous · Answer

Source of above equation. http://assets.openstudy.com/updates/attachments/53c010f3e4b00f624a91300a-cosmichaotic-1405100497547-image002.gif

anonymous · Answer

Regular Compound Interest Formula
 
P = principal amount (the initial amount you borrow or deposit)
r  = annual rate of interest (as a decimal)
t  = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n  =  number of times the interest is compounded per year

anonymous · Answer

thank you!! :) @Cosmichaotic 
so i just plug all that in? and solve?