Question

Noel currently has a glance 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?

I keep getting an off number /:

Answer 1

The equation is Future value= Present value (1+interest rate/times compounded annually)^years*times compounded annually

Answer 2

\[A = P(1 + rt)\]=\[2,300.37=874(1+34r)\] solve for \[r\]

Answer 3

\[r=0.048 \]=4.8%

Answer 4

Thank you! I was dividing my years by 12, lol.

Answer 5

I mean multiplying them

Answer 6

;)