Question

Jared invests $10,000 in a savings account that pays 3% simple interest. How many years will it take for the account to grow to $12,700, if he makes no withdraws or deposits?

Answer 1

The answer:

it would take 9 years for the account to grow to $12,700

the steps:

10,000 x .03 = 300

2,700 divided by 300 is 9