Get comprehensive solutions to your problems with IDNLearn.com. Our platform is designed to provide reliable and thorough answers to all your questions, no matter the topic.

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 :

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


Thank you for using this platform to share and learn. Don't hesitate to keep asking and answering. We value every contribution you make. Thank you for visiting IDNLearn.com. We’re here to provide clear and concise answers, so visit us again soon.