Question

For her birthday, Bonnie's parents gave her $5,425.00 which they put into a savings account that earns 15% interest compounded annually. When Bonnie started college, she withdrew the entire balance of $16,642.00 and used it to pay for tuition. How long was the money in the account?

Answer 1

5,425 x .85 = 4,611.25
5,425 + 4,611.25 = 10,036.25 (one year)
10,036.25 + 4,611.25 = 14,647.50 (2 years)
Probably like 2 years and 4 months lol

Answer 2

15% of $5425.00 = 5425 x- 15% = 813.75

$16,642.00 ÷ 813.75 = 20.3 = 20

So approx. 20 years

Explanation: