Question

I am reposting this because I keep ending up with the wrong answer. Can someone my answer?

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 <-- My answer

37 years

11 years

16 years

Answer 1

theres an error

Answer 2

That is exactly how I have it set up.

Answer 3

where?

Answer 4

yes.

A is actually just the return, and what he has on account - A+P

Answer 5

so his return is actually just

$1,109.80 - P
$1,109.80 - $775
=$334.8

Answer 6

I don't see where you got the return part

Answer 7

because the formula is actually:

I = P r t !!!

Answer 8

and not A=

Answer 9

Oh!

Answer 10

it just calculates the interest

Answer 11

ok, so the total interest earned is

I = A - P

Answer 12

I = $1,109.80 - $775

Answer 13

current account balance A - deposit principal P == interest that was earned

Answer 14

so 334.8 was the interest earned?

Answer 15

yep :)

Answer 16

and then we can finally use the simple interest formula

I = P r t

Answer 17

334.8 = P r t

Answer 18

That makes so much more sense! Can you hold on a sec while I plug in the answer choices again? (:

Answer 19

yeah

Answer 20

16 years?

Answer 21

334.8 = P r t

334.8 = $775 r t

with r=2.7%/100 = 0.027
334.8 = 775*0.027 * t
334.8 = 20.925 * t |:20.925
16 = t
t=16
time - 16 years

Answer 22

So I was right?! :D

Answer 23

yes, 16 years should be the answer :)

Answer 24

Thank you so much! You were very helpful!

Answer 25

A medal for you! :D

Answer 26

thx ; )