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If no money was deposited into or withdrawn from the account, for how many years was the money in the account?

Round your answer to the nearest whole year.

Answer 1

After 4 years, the account gains $325.8, so 4 years

Answer 2

Answer

Find out the  how many years was the money in the account .

To prove

Formula

$Simple\ interest = \frac{Principle\times Rate\times Time}{100}$

As given

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 =  $1300

Rate =  5.75%

Simple interest =  $299

Put all the value in the formula

$299 = \frac{1300\times 5.75\times Time}{100}$

$Time = \frac{299\times 100}{1300\times 5.75}$

$Time = \frac{29900}{7475}$

Time = 4 years

Therefore the  4 years was the money in the account .