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Ethan‘s bank account listed a balance of $328.80. He originally opened the account with a $200 deposit and a simple interest rate of 4.6% If there were no deposit or withdrawals, how long ago was the account opened

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Answer:

14

Step-by-step explanation:

[tex]Interest=\frac {PRT}{100}[/tex] where P is principal amount, R is rate in percentage and T is time.

Making T the subject of the formula,

[tex]T=\frac {Interest \times 100}{PR}[/tex]

For Ethan's case, Interest=$328.8-$200=$128.8

Substituting $128.8 for interest, 4.6% for rate and $200 for P we obtain

T=(128*100)/(4.6*$200)=14

Since the rate wasn't specified whether annually or monthly, the time can be 14 years or 14 months

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