Question

Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year. She earned $299 in interest before closing the account. If no money was deposited into or withdrawn from the account, for how many years was the money in the account? Round your answer to the nearest whole year. Enter your answer in the box.

Answer 1

Simple Interest Formula
I=Prt P=principal; r=rate in decimals; t=years

I=Prt ; find t
299=1300(.0575)t
299=74.75t
299/74.75=74.75/74.75t
4=t

It took Bonita 4 years to earn 299 in interest.

Answer 2

Find out the how many years was the money in the account .

To prove

Formula

`Simple\ interest = (Principle* rate* time)/(100)`

As given

Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year.

She earned $299 in interest before closing the account

Thus

Principle = $1300

rate = 5.75%

Simple interest = $299

Let us assume that time be t .

put all the values in the formula

`299 = (1300* 5.75* t)/(100)`

simplify the above equation

29900 = 7475t

`t = (29900)/(7475)`

t = 4 years .

Therefore 4 years was the money in the account .