You deposit 1200 in an account. the annual interest is 3 percent. how long will it take you to earn 108 in simple interest

asked Nov 10, 2019 180k views

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6 votes

Each year, you earn 3 percent of 1200, or 36. So after 3 years, you’ll have earned 3 * 36 or 108. So 3 years.

TheUnexpected answered Nov 12, 2019

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3 votes

1200 + 108 = 1200( 1 + 0.03x)

1308 = 1200 + 36x

36x = 108

x = 3 years

Terje answered Nov 17, 2019

by Terje

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