The interest Rate after 23 years is 0.021%
The interest rate is the sum that the lender charges the borrower in addition to the principal amount. A person who deposits money in a bank or other financial institution also earns additional income in terms of the recipient, known as interest, taking into account the time value of money.
According to the given information
We are given with
Total balance in the account after 23 years A = $5,148.98
Original amount P = $3,472
Time t = 23 years
According to the formula
A = P (1 + rt)
Where
A = Amount after certain years
P = principal amount
r = interest rate
t = time in years
After manipulating the formula
We get
r = (A/P – 1)/t
r = ( 1.5 - 1 ) / 23
r = 0.021 %
The interest Rate after 23 years is 0.021%
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