Jeffrey currently has an account balance of $1,565.00. His initial deposit on the account was $625 and it earned 4.7% simple interest. How long has Jeffrey held the account?

Question

kropot72 · Answer

Total amount earned in interest = $1,565 - $625 = $940
Amount earned in interest in one year = $625 * 0.047 = $29.375
Can you now find how many years Jeffrey has held the account?

kropot72 · Answer

@aturner Can you see what to do?

anonymous · Answer

Um...no... I'm still confused! @kropot72

kropot72 · Answer

Divide the total amount earned in interest ($940) by the amount earned in interest in one year ($29.375) to find how many years Jeffery has held the account.