Question

Salina currently has an account balance of $1,047.69. Her initial deposit on the account was $630 and it earned 3.9% simple interest. How long has Salina held the account?

A - 17 years

B - 26 years

C - 10 years

D - 43 years

Answer 1

A. 17 years

Explanation:

Use the simple interest equation, I = prt, where I is the interest money gained, p is the starting amount of money, r is the interest rate in decimal form, and t is the time in years.

Plug in the values to solve for t:

417.69 = (630)(0.039)(t)

417.69 = 24.57t

17 = t

= 17 years

So, the correct answer is A, 17 years