How long does it take an account with a principal of $500 to earn $75 in interest at a simple annual interest rate of 3%?
1 answer:
Answer:
about 5 years
Step-by-step explanation:
year 1)500*0.03= 15
year 2)515*0.03= 15.45+515=530.45
year 3)530.45*0.03= 15.91+530.45=546.36
year 4)546.36*0.03=16.39+546.36=562.75
year 5)562.75*0.03=16.88+562.75=579.63
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615 ≈ 600 (nearest hundred)
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