Question

4. Jerry currently has an account balance of $1,109.80. His initial deposit on the account was $775 and it earned 2.7% simple interest. How long has Jerry held the account? 53 years 37 years 11 years 16 years

Answer 1

16 years

Explanation:

Step 1: State what is given:

Current account balance is 1,109.80

Initial deposit is 775

2.7% simple interest

Step 2: Find 2.7% of 775

775 x 0.027 = 20.925

Step 2: Find how much money Jerry has earned from the interest

1,109.80 - 775 = 334.8

Step 4: Divide 334.8 by 20.925

334.8/20.925 = 16

Therefore Jerry has held the account for 16 years

Answer 2

Hey there!

I=PRT

1109.8=775(0.027)T

1109.8=20.93T

53=T

Jerry had the account for 53 years.

Let me know if this helps :)