cheyenneeidson
cheyenneeidson cheyenneeidson
  • 19-12-2017
  • Mathematics
contestada

How long must $2100 be invested at an annual interest rate of 3% to earn $200 in simple interest? (I = Prt)

Respuesta :

Noellehope Noellehope
  • 19-12-2017

Hello,


I=200$


P=2100$ -  amount borrowed 


r= 3% - rate


Now, solve for time period (t)


Where t=I/Pr


t=200/2100(3%)


t= 3.17 years


Thus, it would take 3.17 years to pay off. 



Faith xoxo

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