Question

Salina currently has an account balance of $1,047.69. Her initial deposit on the account was $630 and it earned 3.9% simple interest. How long has Salina held the account?

17 years
26 years
10 years
43 years

Answer 1

Interest = 1,047.69 minus 630.00 which equals
417.69 and principal = 630.00

Simple Interest = rate * principal * # of time periods
Simple Interest = .039 * 630.00 * # of time periods

# of time periods = 417.69 / [.039 * 630]

# of time periods = 417.69 / 24.57

# of time periods = 17 years

Answer 2

oh...I see my mistake....I was making 1047.69 be I instead of subtracting 630 from it. Your answer makes sense to me now

Answer 3

Thanks a lot

Answer 4

u r welcome