Susan currently has an account balance of $1,336.60. Her initial deposit on the account was $820 and it earned 4.5% simple interest. How long has Susan held the account? (3 points)

9 years

14 years

22 years

36 years

Formula for Simple Interest is: [tex] I= P*r*t [/tex], where [tex] I [/tex] is the amount of interest, [tex] P [/tex] is the initial amount, [tex] r [/tex] is the rate of interest in decimal and [tex] t [/tex] is the time duration in years.

Here, [tex] I= 516.60, P= 820, r=4.5 [/tex]% [tex] = 0.045 [/tex]

Now according to the above formula, we will get...

[tex] I= P*r*t\\\\ 516.60=820*0.045*t\\\\ 516.60=36.90*t\\\\ t=\frac{516.60}{36.90}= 14 [/tex]

So, Susan has held the account for 14 years.

Susan currently has an account balance of $1,336.60. Her initial deposit on the account was $820 and it earned 4.5% simple interest. How long has Susan held the account? (3 points) 9 years 14 years 22 years 36 years

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Susan currently has an account balance of $1,336.60. Her initial deposit on the account was $820 and it earned 4.5% simple interest. How long has Susan held the account? (3 points)

9 years

14 years

22 years

36 years