Question

I NEED HELP!!! You deposit $1,500 in an account earning 2.75% simple interest. How long will it take for the balance of the account to be $1,995?

Answer 1

12 years if interest is paid yearly
12 months if interest is paid monthly
Explanation:
2.75% of $1500 is $41.25 interest per period
$1995-$1500 = $495 total interest
$495 ÷ $41.25 = 12 periods
Therefore it takes 12 interest periods to reach $1995, so the answer is 12 months or 12 years depending on how often interest is paid.