Answered

Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Our platform provides a seamless experience for finding reliable answers from a knowledgeable network of professionals. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

How long will it take 680 dollars to earn 102 dollars in simple interest at an annual interest rate of 3%? Show your work in an easy way.

Sagot :

anniedavies96
simple interest is where 3% of the original value is added on each year

goal number = $102

original number = $680
3% of $680 can be found by getting 1% and multiplying by 3
100% = original number = $680
100% / 100 = 1% so $680 / 100 = $6.80 = 1%
3% = $6.80 * 3 = $20.40

so each year the money rises by $20.40

to find out how many years it would take to get to $102:
$102 / $20.40 = 5 years


We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.