Question

you deposit $200 in account earning 3.5% simple interest. How long will it take for the balance of the account to be $221?

Answer 1

required time=3 year

Explanation:

simple interest=
`(P* R* T)/(100)`

where P=principle

R=rate of interest

T=time

totel amount=principle+interest

interest=totel amount-principle

interest=$221-$200=$21

ac/ques, 21=
`(200* 3.5* T)/(100)`

21=
`7*T`

T=3 year