MATH SOLVE

9 months ago

Q:
# 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 If no money was deposited into or withdrawn from the account, for how many years was the money in the account? Round your answer to the nearest whole year. Enter your answer in the box.

Accepted Solution

A:

Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year.She earned $299 in interest before closing the account.Principle = $1300Rate = 5.75%Simple interest = $299Put all the value in the formulaTime = 4 yearsTherefore 4 years was the money in the account .