Question

Samantha earned $700 this summer. If she deposits the money in a savings account, how many years will it take her to earn $196 in interest at a simple annual rate of 4%?
A. 6
B. 7
C. 8
D. 9

Answer 1

Answer:

Hi

The formula is

T=I÷pr

T=196÷(700×0.04)

T=7 years