Sally currently has an account balance of $991.44. Her initial deposit on the account was $540 and it earned 4.4% simple interest. How long has Sally held the account?

Question

anonymous · Answer

I = PRT ---> I/PR = T
I = interest --> (991.44 - 540) = 451.44
P = principle --> 540
R = rate --> 4.4% = .044
T = time

lets do some subbing....
I/PR = T
451.44/(540)(.044) = T
451.44/23.76 = T
19 = T

check...
I = PRT
451.44 = (540)(.044)(19)
451.44 = 451.44 (correct)

Her beginning balance of $540 with interest (451.44),totaling $991.44,  took Sally 19 years to make.