Dawn deposits $850.00 in an account that earns 6% simple interest. About how many years will it take for her account balance to
earn $250.00 in interest?
Select the best answer from the choices provided.
About 1 year
About 3 years
About 5 years
About 10 years
2 answers:
Answer is <span>About 5 years
hope it helps
6% = 0.06
850 * 0.06 = 51
250/51 = 4.901 years
round up to 5 years
</span>
I = PRT
I = 250
P = 850
R = 6% = 0.06
now we sub and find t (time)
250 = (850)(0.06)(t)
250 = 51t
250/51 = t
4.90 = t.....it will take about 5 years
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