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If no money was deposited into or withdrawn from the account, for how many years was the money in the account?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

I = PRT....and we are looking for T....so lets re-arrange this...
I / PR = T
I = 4485
R = 11.5% = 0.115
P = 6500

now we sub and solve
I / PR = T
4485 / (6500 * 0.115) = T
4485 / 747.5 = T
6 = T <=== so ur answer is 6 years

Answer 2

6 years if you follow the question it gives you 60 which you add a deciaml after the 6 to give you your final answer. 
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