Question

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 If no money was deposited into or withdrawn from the account, for how many years was the money in the account?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

Answer 1

Answer:

For 4 years the money was in the account .

Step-by-step explanation:

Formula

$Simple\ interest = \frac{Principle\times Rate\times Time}{100}$

As given

Bonita deposited 1300 into a bank account that earned 5.75% simple interest each year.

She earned $299 in interest before closing the account.

Principle = $1300

Rate = 5.75%

Simple interest = $299

Putting all the values in the formula

$299 = \frac{1300\times 5.75\times Time}{100}$

$Time= \frac{299\times 100}{1300\times 5.75}$

$Time= \frac{29900\times 100}{1300\times 575}$

$Time= \frac{2990000}{747500}$

Time = 4 years

Therefore for 4 years the money was in the account .