Marvin currently has a balance of $1,192 in an account he has held for 14 years. He opened the account with an initial deposit of $800. What is the simple interest on the account?
If he deposited $800 and now has $1,192, he earned $392 in interest. Since he earned $392 in interest in 14 years, he earned $392/14 = $28 per year. [ $28 is i percent of $800? 28 = (i/100)800 i = 3.5% ]
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selymi|Points 11211|
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Asked 8/31/2013 8:56:34 AM
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