Jerome opened the account 17 years ago
<em><u>Solution:</u></em>
Jerome deposited $8,000 into a new retirement account with a simple interest rate of 2.8%
Therefore,
Principal = $ 8000
Rate of interest = 2.8 %
The account has earned $3,808 in interest
Simple interest earned = $ 3808
<em><u>The formula for simple interest is given as:</u></em>
![\text{ Simple interest} = \frac{p \times n \times r}{100}](https://tex.z-dn.net/?f=%5Ctext%7B%20Simple%20interest%7D%20%3D%20%5Cfrac%7Bp%20%5Ctimes%20n%20%5Ctimes%20r%7D%7B100%7D)
Where,
"p" is the principal and "n" is the number of years and "r" is the rate of interest
Substituting the known values,
![3808 = \frac{8000 \times n \times 2.8}{100}\\\\3808 = 80 \times n \times 2.8\\\\3808 = 224 \times n\\\\n = \frac{3808}{224}\\\\n = 17](https://tex.z-dn.net/?f=3808%20%3D%20%5Cfrac%7B8000%20%5Ctimes%20n%20%5Ctimes%202.8%7D%7B100%7D%5C%5C%5C%5C3808%20%3D%2080%20%5Ctimes%20n%20%5Ctimes%202.8%5C%5C%5C%5C3808%20%3D%20224%20%5Ctimes%20n%5C%5C%5C%5Cn%20%3D%20%5Cfrac%7B3808%7D%7B224%7D%5C%5C%5C%5Cn%20%3D%2017)
Thus he opened the account 17 years ago