Question

How long would you need to keep $775 in an account that pays 3% simple interest to earn $93 interest?

Answer 1

$\bf ~~~~~~ \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\to &\ 93\\ P=\textit{original amount deposited}\to& \ 775\\ r=rate\to 3\%\to \frac{3}{100}\to &0.03\\ t=years \end{cases} \\\\\\ 93=775\cdot 0.03\cdot t\implies \cfrac{93}{775\cdot 0.03}=t$