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10 October, 13:28

Jeffrey currently has an account balance of $1,565.00. His initial deposit on the account was $625 and it earned 4.7% simple interest. How long has Jeffrey held the account?

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  1. 10 October, 17:09
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    A = P (1 + rt)

    1565 = 625 (1 + (0.047) (t))

    2.504 = 1 + 0.047t

    1.504 = 0.047t

    t = 32

    I hope this is correct! (Sorry I haven't done simple interest in a while.)
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