Question

Sam deposits $2,500 in an account that earns 12% simple annual interest.

How many months will it take for Sam's account balance to reach $3,250? Use the simple interest formula
I=prt, where I= interest, p= principal or amount borrowed, r= rate, and t= time (in years).

Answer 1

See this is what you should do ask

Answer 2

p=initial deposit
I=interest
r=rate(decimal)=0.12
t=years
3250=principal + interest
320=2500+(2500)*(0.12)*t
2500+(2500)(0.12)t=3250
2500+300t-2500=3250-2500
300t=750
300t/300=750/300
t=5/2 (answer in years)
5/2 times 12 = 30 (answer in months)
Hope i could help