Question

ashley opened a savings account with $4000 and was paid simple interest at an annual rate of 9%. When ashley closed the account, she was paid $1440 in interest. How long was the account opened for, in years?

Answer 1

4 years

Explanation:

I=prt

1440=4000(r)0.09

4000r * 0.09 = 1440

divide both sides by 4000 times 0.09

r = 4