At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.
Sagot :
The simple interest rate would be 20%. The result is obtained by using the simple interest formula.
How to count the interest?
The interest of an amount of money can be counted by the following formula.
I = P₁ - P
I = P × r × t
Where
- I = interest
- P = principal amount (initial balance)
- P = final balance
- r = simple interest rate
- t = time period
Jesse now has $65,000 and he deposit it in an account. After 18 years, he wishes the balance will grow into $300,000. Determine the simple interest rate!
First, let's find the interest.
I = P₁ - P
I = $300,000 - $65,000
I = $235,000
The simple interest rate is
I = P × r × t
235,000 = 65,000 × r × 18
r = 235,000 / 1,170,000
r = 0.201
r ≈ 20%
Hence, the simple interest rate he would need to deposit his money is 20%.
Learn more about interest on deposit here:
brainly.com/question/15883247
#SPJ4
Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.