Answered

Join the IDNLearn.com community and start exploring a world of knowledge today. Join our Q&A platform to access reliable and detailed answers from experts in various fields.

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 :

Anniedavies96idn
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


Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. Find clear answers at IDNLearn.com. Thanks for stopping by, and come back for more reliable solutions.