4. Jerry currently has an account balance of $1,109.80. His initial deposit on the account was $775 and it earned 2.7% simple in terest. How long has Jerry held the account? 53 years 37 years 11 years 16 years
2 answers:
Answer:
Hey there!
I=PRT
1109.8=775(0.027)T
1109.8=20.93T
53=T
Jerry had the account for 53 years.
Let me know if this helps :)
Answer:
16 years
Step-by-step explanation:
Step 1: State what is given:
Current account balance is 1,109.80
Initial deposit is 775
2.7% simple interest
Step 2: Find 2.7% of 775
775 x 0.027 = 20.925
Step 2: Find how much money Jerry has earned from the interest
1,109.80 - 775 = 334.8
Step 4: Divide 334.8 by 20.925
334.8/20.925 = 16
Therefore Jerry has held the account for 16 years
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