Question

Jerome currently has an account balance of $1,859.55. His initial deposit on the account was $825 and it earned 5.7% simple interest. How long has Jerome held the

account?

Answer 1

The answer for this would be 22 Years.

Answer 2

22 years

Explanation:

Well we know the formula for simple interest is

I = PRT

I = interest earned

P = initial balance

R = rate

T = time

We want to solve for time here....so rearrange for T

T= I/(PR )

We have

P = 825

R = .057

And I = current balance - initial balance = 1859.55 - 825 = 1034.55

So plugging all those in we have

T = 1034.55/(825×.057 )

T = 1034.55/47.025

T = 22

It was held for 22 years.