Jerome deposited $8,000 into a new retirement account with a simple interest rate of 2.8%. if account has earned $3,808 in interest, and there have been no deposits or withdraws, how many years ago did he open the account?

Jerome opened the account 17 years ago

Solution:

Jerome deposited $8,000 into a new retirement account with a simple interest rate of 2.8%

Therefore,

Principal = $ 8000

Rate of interest = 2.8 %

The account has earned $3,808 in interest

Simple interest earned = $ 3808

The formula for simple interest is given as:

Where,

"p" is the principal and "n" is the number of years and "r" is the rate of interest

Substituting the known values,

Thus he opened the account 17 years ago

multiply length by height. multiply the length by the height, and then double the product. work out 10 x 10 results = 100 square inches, then work out 100 x 2 = 200. the answer is 200 square inches.

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