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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
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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

User Dnlkng
by
9.0k points

2 Answers

3 votes

Answer: 7 years

Explanation:

User Bert Jan Schrijver
by
8.1k points
2 votes
Hi there

The formula is
T=I÷pr
T=196÷(700×0.04)
T=7 years

Hope it helps
User Luke Hammer
by
7.6k points
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