Question

Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year. She earned $299 in interest before closing the account.

If no money was deposited into or withdrawn from the account, for how many years was the money in the account?

Answer 1

the answer is 4 years

Explanation:

Answer 2

4 years

using I = PRT

then T =
`(I)/(PR)`

calculate PR = 1300 ×
`(5.75)/(100)` = 74.75, hence

T =
`(299)/(74.75)` = 4 years