Question

Deshawn deposited $6500 into a bank account that earned 11.5% simple intrerest 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If no money was deposited into or withdrawn from the account, for how many years was the money in the account?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

6 years.
I found it using the interest formula
I=P*R*T
I= 6500*.115*1
I= 747.50 (with is one years interest)

747.50 * 6= 4,485
so 6 years, hope this helps :)