Question

11 You deposit $1200 in an account. The annual interest rate is 3%. How long will it take you to earn S108 in simple interest?

Answer 1

3 years

Solution,

Principal=$1200

Rate=3%=3/100=0.03

Interest=$108

Time=?

Now,

`t = (i)/(p * r)`

`= (108)/(1200 * 0.03) \\ = (108)/(36) \\ = 3 \: years`

Hope this helps...

Good luck on your assignment..

Answer 2

its wht u r searching for...