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Anyone help ? Abel currently has a balance of $10,986.50 in an account he has held for 25 years. He opened the account with an initial deposit of $5,110. What is the simple interest rate on the account?
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Jul 21, 2018
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Anyone help ? Abel currently has a balance of $10,986.50 in an account he has held for 25 years. He opened the account with an initial deposit of $5,110. What is the simple interest rate on the account? 4.0% 2.1% 8.6% 4.6%
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Lucas Welper
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10,986.5-5,110 = 5,876.5
5,876 ÷ 25 = 235.06
235.06 ÷ 10,986.5 = 0.0213
0.021 as a percent is 2.1%
the correct answer is 2.1%
Apurva Patil
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Jul 27, 2018
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Apurva Patil
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