Answer:
22 years
Step-by-step explanation:
Well we know the formula for simple interest is
I = PRT
I = interest earned
P = initial balance
R = rate
T = time
We want to solve for time here....so rearrange for T
T= I/(PR
)
We have
P = 825
R = .057
And I = current balance - initial balance = 1859.55 - 825 = 1034.55
So plugging all those in we have
T = 1034.55/(825×.057
)
T = 1034.55/47.025
T = 22
It was held for 22 years.
