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Jerome deposited $8,000 into a new retirement account with a simple interest rate of 2.8%. If account has earned $3,808 in interest, and there have been no deposits or withdraws…

Jerome deposited $8,000 into a new retirement account with a simple interest rate of 2.8%. If account has earned $3,808 in interest, and there have been no deposits or withdraws…
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Jerome deposited $8,000 into a new retirement account with a simple interest rate of 2.8%. If account has earned $3,808 in interest, and there have been no deposits or withdraws, how many years ago did he open the account?

User Pahnev
by
8.3k points

1 Answer

3 votes

Answer:

17 years

Explanation:

8,000*.028=224

3,808/224= 17

User Soren Johnson
by
8.2k points
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