Answered

Find expert answers and community insights on IDNLearn.com. Get prompt and accurate answers to your questions from our experts who are always ready to help.

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 :

Mathstudent55idn

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

Your participation means a lot to us. Keep sharing information and solutions. This community grows thanks to the amazing contributions from members like you. IDNLearn.com has the solutions you’re looking for. Thanks for visiting, and see you next time for more reliable information.