contestada

Pam open a bank account with $200 deposit that account had a simple interest rate of 4.6% her most recent bank statement shows a balance of $328.80 if she made no deposits or withdrawals how long ago was the account opened ?

Respuesta :

calculista

Answer:

[tex]t=14\ years[/tex]

Step-by-step explanation:

we know that

The simple interest formula is equal to

[tex]A=P(1+rt)[/tex]

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

[tex]t=?\ years\\ P=\$200\\ A=\$328.80\\r=0.046[/tex]

substitute in the formula above  and solve for t

[tex]328.80=200(1+0.046t)[/tex]

[tex](328.80/200)=(1+0.046t)[/tex]

[tex]t=[(328.80/200)-1]/0.046[/tex]

[tex]t=14\ years[/tex]