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23 July, 02:30

Sonya currently has an account balance of $1,533.43. Her initial deposit on the account was $962 and i earned 3.3% simple interest. How long has Sonya held the account?

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  1. 23 July, 04:51
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    Current account balance of Sonya = $1,533.43.

    Initial deposited amount = $962.

    Interest earned = Current Balance - Initial deposite = 1,533.43-962 = $571.43.

    Given interest rate = 3.3% per year.

    3.3% could be convert in decimal form as 3.3/100 = 0.033.

    Let us assume number of years Sonya had account=t years.

    Simple interest formula is given by

    I=P*R*T, where P is the initial deposited amount, R is the rate of interest, T is the time in years and I is the inetrest earned.

    Plugging value of I, P and R in the above formula, we get

    571.43 = 962 * 0.033 * t

    571.43 = 31.746t

    Dividing both sides by 31.746, we get

    571.43/31.746 = 31.746t/31.746

    t=18 years.

    Therefore, Sonya held the account for 18 years.
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