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Can you find the amount of time? You put $500 in a savings account with a simple interest rate of 3%. How long did it take you to earn $30 interest?

Can you find the amount of time? You put $500 in a savings account with a simple interest rate of 3%. How long did it take you to earn $30 interest?
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5 votes
Can you find the amount of time? You put $500 in a savings account with a simple interest rate of 3%. How long did it take you to earn $30 interest?

User Actine
by
7.9k points

1 Answer

3 votes
500(.03)(x)=30
15(x)=30
/15. /15
x=2

It took 2 years
User Anjuman
by
8.2k points
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