Question

Gerry has $1200 in his savings account. How many years must he leave it in the account if he wants to earn $600 in interest and the interest rate is 5%? PLEASE SHOW WORK! :)

Answer 1

10 years

Explanation:

0.5 x 1200 = 60

600 / 60

=10

Answer 2

10 years

Explanation:

Find 5% of $1200 and then divide that number by 600

1200 x 0.05 = 60

600/60 = 10