Question

Claytons savings account generates 0.01% per year. The account has $800.00. In How many years would it take to earn $1.00 in simple interest

Answer 1

It will take 12.5 years.

Explanation:

Interest = principal x rate x time

1 = 800(.0001) t We are solving for time

1 = .08t Divide both sides by .08

`(1)/(.08)` =
`(.08t)/(.08)`

12.5 = t