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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? 5 years 8 years 10 yea…

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? 5 years 8 years 10 yea…
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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?

5 years

8 years

10 years

12 years

User Ismail H
by
7.8k points

1 Answer

3 votes

3% = 0.03

$15,000 *.03 = $450

$450 * 8 = $3,600

answer: 8 years
User Jason Kao
by
8.2k points
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