Question

Ahab invested $68 into a savings account that pays 4.24 annual simple interest. So far, he has camed 525.70 in interest. For how many years has he had his money in the savings mccount? Round to the nearest whole number.

Answer 1

To find the number of years Ahab has had his money in the savings account, we can use the formula for simple interest: Interest = Principal * Rate * Time.

Step-by-step explanation:

To find the number of years Ahab has had his money in the savings account, we can use the formula for simple interest:

Interest = Principal * Rate * Time

Given that Ahab invested $68 and earned $525.70 in interest at an annual interest rate of 4.24%, we can substitute these values into the formula:

$525.70 = $68 * 0.0424 * Time

Solving for Time, we divide both sides of the equation by ($68 * 0.0424):

Time = $525.70 / ($68 * 0.0424)

Time ≈ 29.16 years

Therefore, Ahab has had his money in the savings account for approximately 29 years.