Question

sally currently has an account balance of 991.44. her initial deposit on the account was 540 and it earned 4.4% simple interest. how long has sally held the account.

Answer 1

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Explanation:

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Answer 2

P = 540, the principal
R = 4.4% = 0.044, the rate, simple interest
A = 991.44, the current value

Let x = years that Sally has held the account
Then
P + PRx = A
or
540 + 540*0.044*x = 991.44
23.76x = 991.44 - 540 = 451.44
x = 451.44/23.76 = 19

Answer:
Sally has held the account for 19 years.