Jeremiah currently has an account balance of $1624.35. his initial deposit on the account was $975 and it earned 3.7% simple interest. how long has jeremiah held the account

Current Account Balance = $1,624.35

Initial Deposit = $975

Interest Rate (Simple) = 3.7% simple interest

Interest Earned = Current Account Balance - Initial Deposit

⇒ Interest Earned = $1,624.35 - $975

⇒ Interest Earned = $649.35

Now the Formula for Simple Interest is:

Simple Interest = ×, where P is the initial deposit, R is the rate of interest and T is the time period

⇒ 649.35 =

⇒ T =

⇒ T = 18

Hence, Jeremiah has had the account for 18 years.

good luck on your studies! : )

david edward.