Suppose you deposit $600 in a bank account with a simple interest rate of 2.5%. You want to keep your deposit in the bank long
enough to earn at least $120 in interest. How long should you keep your deposit in the bank? To earn at least $120 interest, you should keep your deposit in the bank for [blank] year(s).
(Round up to the nearest year.)
1 ) the formula used to calculate the simple interest is
I = Ci*n, f his formula you obtain n , that is the time in years n = I/ Ci, where c is the initial capital, i is the earned interest , and i is he rate of interest,
n = 120/600 (0,025) = 120 / 15 = 8 , at 8 years, you will obtain $ 120 of INTEREST
