Question

4. An account was opened with $3000 earning 5%
simple interest. If the account now has $3300,
how many years has the account been earning
interest.

Answer 1

P= $3000
R=5%
Amount=$3300

SI = A-P
= 3300-3000=300.
Therefore SI is $300.


SI = PRT/100

300 = 3000x5xT/100
300= 150T
T = 300/150
T = 2


Therefore . The account has been earning for 2 years