Answer:
7
Explanation:
For simple interest,
I = prt
where I = interest,
p = principal (amount deposited)
r = annual rate of interest
t = time in years
We have r = 2% = 0.02
p = $3,000
I = $420
We need to find t
I = prt
420 = 3000 * 0.02 * t
420 = 60t
t = 420/60
t = 7
Answer: 7 years