Question

deshawn deposited $6500 into a bank account that earned 11.5percent simple interest each year . he earned $4485 in interest befour 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 if no money was deposited into or withdrawn from the account, for how many years was the money in the account round the answer to the nearest whole year

Answer 1

The money was in the account for 6 years.

Step-by-step explanation:

To find the number of years the money was in the account, we can use the formula for simple interest: I = P * r * t, where I is the interest earned, P is the principal (initial amount), r is the interest rate, and t is the time in years. We are given that Deshawn earned $4485 in interest and the interest rate is 11.5%. Let's plug in these values and solve for t:

4485 = 6500 * 0.115 * t

Simplifying the equation gives us:

t = 4485 / (6500 * 0.115) ≈ 6.1337

Rounding to the nearest whole year, we can conclude that the money was in the account for 6 years.

Answer 2

Interest equation,,, I=prt,,4485=6500*0.115 t...can you solve for t??