Question

DeShawn deposited $6500 into a bank account that earned 11.5% simple interest each year. He earned $4485 in interest before closing the account.

If no money was deposited into or withdrawn from the account, for how many years was the money in the account?

Round your answer to the nearest whole year.

Answer 1

Simple interest formula:
SI = Principle * Interest rate * Years

225 = 500 * 0.075 * T
225/(500 * 0.075) = T
T = 6

So in 6 years, you will accumulate 225 dollars in interest by placing 500 dollars in for a rate of 7.5%

Answer 2

^^

Answer 3

Tso is right.

Answer 4

^