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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
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