Nigel currently has a account balance of 668.47 in an account held held for 15 years. He opened the account with an initial deposit of $497. What is the simple interest rate on the account
The formula is A=p (1+rt) A future value 668.47 P principle 497 R interest rate? T time 15 years Solve the formula for r R=[(A/P)-1]÷t R=((668.47÷497)−1)÷15 R=0.023×100 R=2.3%
