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4. An account was opened with $3000 earning 5% simple interest. If the account now has $3300, how many years has the account been earning interest.
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4. An account was opened with $3000 earning 5%

simple interest. If the account now has $3300,
how many years has the account been earning
interest.

User RockAndRoll
by
3.6k points

1 Answer

1 vote
P= $3000
R=5%
Amount=$3300

SI = A-P
= 3300-3000=300.
Therefore SI is $300.


SI = PRT/100

300 = 3000x5xT/100
300= 150T
T = 300/150
T = 2


Therefore . The account has been earning for 2 years
User Merv
by
4.1k points
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