Question

Find the amount of time it takes to earn $102 interest, if you deposit $340

and the interest rate is 6%. Show your work.

Answer 1

5 years

Explanation:

First, converting R percent to r a decimal

r = R/100 = 6%/100 = 0.06 per year,

then, solving our equation

t = 102 / ( 340 × 0.06 ) = 5

t = 5 years

The time required to

accumulate simple interest of $ 102.00

from a principal of $ 340.00

at an interest rate of 6% per year

is 5 years.