alonzo opened a savings account with $800 and was paid simple interest at an annual rate of 4%. when alonzo closed the account he was paid $128 in interest how long was the account open for in years?

Question

alonzo opened a savings account with $800 and was paid simple interest at an annual rate of 4%. when alonzo closed the account he was paid $128 in interest how long was the account open for in years?

Answer 1

128 = 800(.04)x

x = 128/800(.04) = 128/32 = 4 years