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KATRIN_1 [288]
3 years ago
7

You deposit $1,500 in an account earning 2.75% simple interest. How long will it take for the

Mathematics
1 answer:
DanielleElmas [232]3 years ago
3 0

Answer:

12 years if interest is paid yearly

12 months if interest is paid monthly

Step-by-step explanation:

2.75% of $1500 is $41.25 interest per period

$1995-$1500 = $495 total interest

$495 ÷ $41.25 = 12 periods

Therefore it takes 12 interest periods to reach $1995, so the answer is 12 months or 12 years depending on how often interest is paid.

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