Question

You deposited $125 in a savings account that earns a simple interest rate of
1.75% per year. You earned a total of $8.75 in interest. For how long was your
money in the account?​

Answer 1

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Answer:

  4 years

Step-by-step explanation:

Each year, the interest earned is ...

  0.0175 · $125 = $2.1875

Then the time it took to earn $8.75 in interest was ...

  $8.75/(2.1875/year) = 4 years