Answered

Discover the answers you need at Westonci.ca, a dynamic Q&A platform where knowledge is shared freely by a community of experts. Join our Q&A platform to get precise answers from experts in diverse fields and enhance your understanding. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

Carin opened a money market account with a
deposit of $3,000. This account earns 2% simple
interest annually. How many years will it take for
her $3,000 deposit to earn $420 in interest, assum-
ing she does not withdraw any of the money?

Sagot :

mathstudent55

Answer:

7

Step-by-step explanation:

For simple interest,

I = prt

where I = interest,

p = principal (amount deposited)

r = annual rate of interest

t = time in years

We have r = 2% = 0.02

p = $3,000

I = $420

We need to find t

I = prt

420 = 3000 * 0.02 * t

420 = 60t

t = 420/60

t = 7

Answer: 7 years

We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.