Macy currently has a balance of $3,418,82 iin an account earning simple interest. Eighteen years ago she opened the account with an initial deposit of $2,481. What is the interest rate on the account?
$3,418,82 - $2,481 =$937.82 simple interest earned over 18 years.
$937.82 / 18 =$52.10 simple interest earned in 1 year.
$52.10 / $2,481 =0.021 x 100 =2.1% simple annual interest rate on this account.
