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Jessica deposits her summer babysitting earnings, $600, in a savings account. How many years will it take her to earn $150 in interest at a simple annual rate of 5%? Enter the correct number in the formula.
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Jessica deposits her summer babysitting earnings, $600, in a savings account. How many years will it take her to earn $150 in interest at a simple annual rate of 5%? Enter the correct number in the formula.

User Andy Librian
by
5.0k points

2 Answers

4 votes

Answer:

5 years

Explanation:

User Ari Ronen
by
5.2k points
8 votes
I = PRT

I = Interest earned, P = principal/amount invested, R = rate in decimal form, T = time in years

Plug in what we know:
150 = (600)(0.05)(T)
150 = 30T
5 = T

5 years
User Alex McMillan
by
4.9k points
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