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The correct answer is 700 months .
<h3>What is simple interest?</h3>- Simple interest is based on the principal amount of a loan or the first deposit in a savings account.
- Simple interest doesn't compound, which means a creditor will only pay interest on the principal amount and a borrower would never have to pay more interest on the previously accumulated interest.
Given,
I = 105
P = 100
r = 0.15
Now use simple interest formula,
105=100×(0.15)×(t)
Swap sides so t is on the left.
100 ×(0.15)×(t)=105
Divide both sides by 100.
0.15t=1.05
Divide both sides by 0.15
t=700
So, we see that it takes 700 months to earn this amount.
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