Question

Find the time (in years) these accounts lasted for.

Annual interest rate
(in decimal form)
I=$30, P=$500,r=3%

Answer 1

9514 1404 393

Answer:

2 years

Explanation:

Use the interest formula with the given information. Solve for t.

I = Prt

30 = 500×0.03×t

30/15 = t = 2 . . . . . . divide by the coefficient of t

The account lasted 2 years.