Question

Suppose $1,000 is put into an account that pays simple interest at a rate of 3.5% annually. What is the value of t if the money is deposited for 212 years?

A. 0.25
B. 1.5
C. 2.0
D. 2.5

Answer 1

The Awnser would be d :2.5

Answer 2

Explanation:

Formula:

I = Prt

I - interest

P - initial value

r - interest rate

t - time (years)

Solution:

`I = $1000 * 3.5 * 212`

`I = 742000`