Jared invests 10000 in a savings account that pays 3% simple interest how many years will it take for the account to grow to 127
00 if he makes no withdrawals and deposits
1 answer:
Answer:
9 years
Step-by-step explanation:
Given data
Principal= $10000
Rate= 3%
Final amount= $12700
The simple interest expression is given as
A=P(1+rt)
substitute
12700=10000(1+0.03*t)
12700=10000+300t
collect like terms
12700-10000= 300t
2700=300t
divide both sides by 300
t= 2700/300
t= 9 years
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