Question

Jeffrey currently has an account balance of $1,565.00. His initial deposit on the account was $625 and it earned 4.7% simple interest. How long has Jeffrey held the account?

Answer 1

A = P(1 + rt)

1565 = 625(1 + (0.047)(t))

2.504 = 1 + 0.047t

1.504 = 0.047t

t = 32

I hope this is correct! (Sorry I haven't done simple interest in a while.)