Newton currently has a balance of $1,716.18 in an account he has held for 29 years. He opened the account with an initial deposit of $784. What is the simple interest rate on the account?
The formula is A=p (1+rt) A future value 1716.18 P principle 784 R interest rate? T time 29 Solve the formula for r R=[(A/p)-1]÷t R=((1,716.18÷784)−1)÷29 R=0.041×100 R=4.1%
