Answer:
<u>Sherri has the account since twelve years ago</u>
Step-by-step explanation:
1. Let's review the information given to us to answer the question correctly:
Current balances of Sherri's account = $ 1,050.80
Initial deposit = $ 740
Interest rate = 3.5% simple interest = 0.035
2. How long has Sherri held the account?
Let's recall the formula of the simple interest:
FV = P * (1 + rt), where FV is the future value of the investment or initial deposit, P, the initial deposit, r, the interest rate and t, the number of periods.
Replacing with the values we have:
1.050.80 = 740 * (1 + 0.035t)
1,050.80 = 740 + 25.9t
1,050.80 - 740 = 25.9t
310.80 = 25.9t
t = 310.80/25.9
t = 12
<u>Sherri has the account since twelve years ago</u>
