Question

You deposit $200 in an account earning 3.5% simple interest how long will it take for the balance of the account to be $221

Answer 1

Answer:

1.068 years

Step-by-step explanation:

Simple interest equation:

$I=prt$

Plug in given values:

$221=(200)(1.035)(t)$

Solve for t:

$221=207t\\t=\frac{221}{207} \\t=1.068$

1.068 years