Question

6) Suppose you put $200 in a savings account. The account earns simple interest at an

annual rate of 10%. You earned $100 in interest. How many years did you keep the
money in your savings account?

Answer 1

Answer: 5 years

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Work Shown:

i = P*r*t

100 = 200*0.10*t

100 = 20t

20t = 100

t = 100/20

t = 5