Question

Marla invested $78,170 in a simple interest account. After 9 years and no additional deposits or withdrawals, the account balance was $150,606.59. Find the interest rate for the account.

Answer 1

10% interest

Explanation:

150,606.59 - 78,170 = 72,436.59

72,436.59 / 9 = 8,048.51

8,048.51 / 78,170 = 0.1029... = 10%