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

Answer:

its wht u r searching for...

Answer 2

Answer:

3 years

Solution,

Principal=$1200

Rate=3%=3/100=0.03

Interest=$108

Time=?

Now,

$t = \frac{i}{p \times r}$

$= \frac{108}{1200 \times 0.03} \\ = \frac{108}{36} \\ = 3 \: years$

Hope this helps...

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