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stealth61 [152]
3 years ago
9

Jerome currently has an account balance of $1,859.55. His initial deposit on the account was $825 and it earned 5.7% simple inte

rest. How long has Jerome held the
account?
Mathematics
2 answers:
zepelin [54]3 years ago
6 0

Answer:

22 years

Step-by-step explanation:

Well we know the formula for simple interest is

I = PRT

I = interest earned

P = initial balance

R = rate

T = time

We want to solve for time here....so rearrange for T

T= I/(PR )

We have

P = 825

R = .057

And I = current balance - initial balance = 1859.55 - 825 = 1034.55

So plugging all those in we have

T = 1034.55/(825×.057 )

T = 1034.55/47.025

T = 22

It was held for 22 years.

Anna [14]3 years ago
5 0
The answer for this would be 22 Years.
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