Find the values of x and y.
1 answer:
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Current Account Balance = $1,624.35
Initial Deposit = $975
Interest Rate (Simple) = 3.7% simple interest
Interest Earned = Current Account Balance - Initial Deposit
⇒ Interest Earned = $1,624.35 - $975
⇒ Interest Earned = $649.35
Now the Formula for Simple Interest is:
Simple Interest = ×, where P is the initial deposit, R is the rate of interest and T is the time period
⇒ 649.35 =
⇒ T =
⇒ T = 18
Hence, Jeremiah has had the account for 18 years.