Answer
Find out the how many years was the money in the account .
To prove
Formula
[tex]Simple\ interest = \frac{Principle\times rate\times time}{100}[/tex]
As given
Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year.
She earned $299 in interest before closing the account
Thus
Principle = $1300
rate = 5.75%
Simple interest = $299
Let us assume that time be t .
put all the values in the formula
[tex]299 = \frac{1300\times 5.75\times t}{100}[/tex]
simplify the above equation
29900 = 7475t
[tex]t = \frac{29900}{7475}[/tex]
t = 4 years .
Therefore 4 years was the money in the account .
