Nigel currently has a balance of $668.47 in an account he has held for 15 years. He opened the account with an initial deposit of $497. What is the simple interest rate on the account?

Question

Vocaloid · Answer

well the formula for simple interest would normally be

initial deposit + (interest rate)(number of years)(initial deposit) = final amont

giving us

497 + (x)(15)(497) = 668.47

solve for x and be sure to convert your answer to a percentage when you are done