4. Jerry currently has an account balance of $1,109.80. His initial deposit on the account was $775 and it earned 2.7% simple interest. How long has Jerry held the account? 53 years 37 years 11 years 16 years

16 years

Step-by-step explanation:

Step 1: State what is given:

Current account balance is 1,109.80

Initial deposit is 775

2.7% simple interest

Step 2: Find 2.7% of 775

775 x 0.027 = 20.925

Step 2: Find how much money Jerry has earned from the interest

1,109.80 - 775 = 334.8

Step 4: Divide 334.8 by 20.925

334.8/20.925 = 16

Therefore Jerry has held the account for 16 years

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