21-07-2017
Mathematics

contestada

You deposit $1400 into a savings account that earns simple annual interest. After 12 years, the balance in the account is $2408. What is the annual interest rate?

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Aliwohaish12 Aliwohaish12

21-07-2017

The formula is
A=p (1+rt)
A future value 2408
P present value 1400
R interest rate?
T time 12 years
Solve the formula for r
R= ((A/p)-1)÷t
R=((2,408÷1,400)−1)÷12
R=0.06×100
R=6%

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