Final answer:
To calculate the time it takes for $680 to earn $102 in simple interest at an annual interest rate of 3%, we can use the formula Time = Simple Interest / (Principal * Interest Rate). Substituting the values, the time is approximately 18.25 days.
Step-by-step explanation:
To calculate the time it takes for $680 to earn $102 in simple interest at an annual interest rate of 3%, we use the formula:
Simple Interest = Principal * Interest Rate * Time
Given that the principal is $680 and the interest rate is 3%, we can rearrange the formula to solve for time:
Time = Simple Interest / (Principal * Interest Rate)
Substituting the values, we get:
Time = $102 / ($680 * 0.03) = 0.05 years or approximately 18.25 days.