Register

Jenny's parents deposit $15,000 for her college tuition in an account with a 3% simple interest rate. How long will it take to earn $3600 in interest?

Jenny's parents deposit $15,000 for her college tuition in an account with a 3% simple interest rate. How long will it take to earn $3600 in interest?
63.6k views
1 vote
Jenny's parents deposit $15,000 for her college tuition in an account with a 3% simple interest rate. How long will it take to earn $3600 in interest?

User Jwimberley
by
7.0k points

1 Answer

4 votes
3% of 15,000 is 450 3600 divided by 450 is 8 so 3% per year wait 8 years until interest reaches 3600
User LouisB
by
7.9k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!