Question

Samantha earned $700 this summer. If she deposits the money in a savings account, how many years will it take her to earn $196 in interest at a simple annual rate of 4% A:6 B:7 C:8 D:9

Answer 1

tHE ANSWER WOULD BE 7 YEARS.

Explanation:

Answer 2

`\bf ~~~~~~ \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\to &\$196\\ P=\textit{original amount deposited}\to& \$700\\ r=rate\to 4\%\to (4)/(100)\to &0.04\\ t=years \end{cases} \\\\\\ 196=(700)(0.04)t\implies \cfrac{196}{(700)(0.04)}=t`