Question

Pam opened a bank account with a $200 deposit the acount had a simple intrest rate of 4.6% her most recent bank statement showed a balence of $328.80 if she made no deposits or withdrawels how long ago was the bank acount opened

Plz explain

Answer 1

14 years

Explanation:

To find the answer you have to use the formula to calculate time:

t=(1/r)(A/P-1), where:

t=time

r=rate of interest=4.6%

A=accrued amount=$328.80

P=principal amount=$200

t=(1/0.046)*(328.80/200-1)

t=21.74*(0.644)

t=14

According to this, the answer is that she opened the bank account 14 years ago.