Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Discover the answers you need from a community of experts ready to help you with their knowledge and experience in various fields. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

You deposit $3500 in an account that earns 4% simple interest. How long will you have to leave the money in the account to earn $350 interest?

Sagot :

To solve this question let's remember the simple interest formula

I=Prt

I is the Simple Interest

P the Principal

r the Annual Interest Rate in years (in decimal form)

and t the Time in years

Now from the problem we got

I=350, r=4%, P=3500

Now we solve the equation for t

t=I/Pr

Replacing

[tex]\frac{350}{3500\cdot0.04}[/tex]

Solving we get 2.5

Answer: So we conclude that we need 2.5 years to earn $350 in interest

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.