I'll fan. Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year. She earned $299 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If no money was deposited into or withdrawn from the account, for how many years was the money in the account?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.

Question

I'll fan. Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year. She earned $299 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If no money was deposited into or withdrawn from the account, for how many years was the money in the account?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.

alayrhi · Answer

So far i have I=299 
P=1300
R=0.0575
T= T

alayrhi · Answer

And i know i need to find out what T=

peachpi · Answer

I = PRT
299 = 1300(0.0575)T

Solve for T

alayrhi · Answer

1300 * 0.0575 * 4= 299

mathmale · Answer

Yes.  Next, divide 299 by [1300(0.0575)].   Do the work inside brackets first.

mathmale · Answer

alayrhi:  would you please help the other person to do his or her own work; do NOT do it for him or her.  Thank you.

alayrhi · Answer

4.

alayrhi · Answer

So the answer is 4 years???