Sally currently has an account balance of 991.44. her initial deposit on the account was 540 and it earned 4.4% simple interest. how long has sally held the account.

P = 540, the principal

R = 4.4% = 0.044, the rate, simple interest

A = 991.44, the current value

Let x = years that Sally has held the account

Then

P + PRx = A

or

540 + 540*0.044*x = 991.44

23.76x = 991.44 - 540 = 451.44

x = 451.44/23.76 = 19

Answer:

Sally has held the account for 19 years.