Jerome currently has an account balance of $1,859.55. His initial deposit on the account was $825 and it earned 5.7% simple interest. How long has Jerome held the account?

18 years

10 years

22 years

40 years

Question

Jerome currently has an account balance of $1,859.55. His initial deposit on the account was $825 and it earned 5.7% simple interest. How long has Jerome held the account?

 18 years

 10 years

 22 years

 40 years

johnweldon1993 · Answer

Well we know the formula for simple interest is

I = PRT

I = interest earned
P = initial balance
R = rate
T = time

We want to solve for time here....so rearrange for T

$$T = \frac{ I }{ PR }$$

We have

P = 825
R = .057
And I = current balance - initial balance = 1859.55 - 825 = 1034.55

So plugging all those in we have

$$T = \frac{ 1034.55 }{ 825 \times .057 }$$

What does T equal ...?

anonymous · Answer

AHHH you're the best, thank you so much

johnweldon1993 · Answer

Anytime! :)