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If no money was deposited into or withdrawn from the account, for how many years was the money in the account?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


Rich deposited money into a bank account that earned 2.5% simple interest each year. After 2 years, he had earned $14.65 in interest on the account.

If no other money was deposited into or withdrawn from the account, how much was his initial deposit?
PLEASE HELP ME!

Answer 1

Equation:
t = (1/r)(A/P - 1)

Calculation:
First, converting R percent to r a decimal
r = R/100 = 11.5%/100 = 0.115 per year,
then, solving our equation

t = (1/0.115)((10985/6500) - 1) = 6
t = 6 years

The time required to get
a total amount, principal plus interest, of $ 10,985.00
from simple interest on a principal of $ 6,500.00
at an interest rate of 11.5% per year
is 6 years.

 

14.65+P = P(1+0.025x2)

Solve for P

P = $293

Answer 2

The answer is actually is 6 years. I just took the test