Answer :
Jerome opened the account 17 years ago
Solution:
Jerome deposited $8,000 into a new retirement account with a simple interest rate of 2.8%
Therefore,
Principal = $ 8000
Rate of interest = 2.8 %
The account has earned $3,808 in interest
Simple interest earned = $ 3808
The formula for simple interest is given as:
[tex]\text{ Simple interest} = \frac{p \times n \times r}{100}[/tex]
Where,
"p" is the principal and "n" is the number of years and "r" is the rate of interest
Substituting the known values,
[tex]3808 = \frac{8000 \times n \times 2.8}{100}\\\\3808 = 80 \times n \times 2.8\\\\3808 = 224 \times n\\\\n = \frac{3808}{224}\\\\n = 17[/tex]
Thus he opened the account 17 years ago