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Mr. Smith opened a retirement account with a deposit of $900. This account earns 5% simple interest annually. How many years will it take for his $900 deposit to earn $360 interest?
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Mr. Smith opened a retirement account with a deposit of $900. This account earns 5% simple interest annually. How many years will it take for his $900 deposit to earn $360 interest?

User Rauni Lillemets
by
7.7k points

2 Answers

5 votes
Principal (P) = $900
Rate of interest (R) = 5%
S.I = $360
Time =?

Formula to find the time=
T= 100 x S.I / P x R


T= 100 x 360 / 900 x 5
T= 36000/4500
T= 8 years

User ZaEeM ZaFaR
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8.1k points
4 votes
your answer should be 6 years!
User Srjjio
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7.6k points
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