Question

Anyone help ? Abel currently has a balance of $10,986.50 in an account he has held for 25 years. He opened the account with an initial deposit of $5,110. What is the simple interest rate on the account? 4.0% 2.1% 8.6% 4.6%

Answer 1

10,986.5-5,110 = 5,876.5

5,876 ÷ 25 = 235.06

235.06 ÷ 10,986.5 = 0.0213

0.021 as a percent is 2.1%

the correct answer is 2.1%