Answered

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Jared invests 10000 in a savings account that pays 3% simple interest how many years will it take for the account to grow to 12700 if he makes no withdrawals and deposits

Sagot :

Samuelonum1idn

Answer:

9 years

Step-by-step explanation:

Given data

Principal= $10000

Rate= 3%

Final amount= $12700

The simple interest expression is given as

A=P(1+rt)

substitute

12700=10000(1+0.03*t)

12700=10000+300t

collect like terms

12700-10000= 300t

2700=300t

divide both sides by 300

t= 2700/300

t= 9 years

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