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2 years ago

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

1 answer:

3 0

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

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