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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 If no money was deposited into or withdrawn from the account, for how many years was the money in the account?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. Enter your answer in the box.

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loganNielsen

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 formulaTime = 4 years

Therefore

 4 years was the money in the account .

Answer:

The money was in the account for 4 years

Step-by-step explanation:

Bonita deposited money = $1300

Rate of interest = 5.75%

She earned interest = $299

P = Principal = $1300

R = 5.75%

Simple Interest = 299

T= Time

[tex]SI=\frac{P \times T \times R}{100}\\\\299=\frac{1300 \times T \times 5.75}{100}\\\\\frac{299 \times 100}{1300 \times 5.75} = T\\\\4 years =T[/tex]

Hence The money was in the account for 4 years

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