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You deposit $1500 in an account that earns a simple interest at an annual rate of 3%. How long must you leave the money in the account to earn $900 in interest?

Respuesta :

sqdancefan

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Answer:

  20 years

Step-by-step explanation:

The interest earned is found using the formula ...

  I = Prt

where principal P is invested at rate r for t years. Solving for t, we find ...

  t = I/(Pr) = $900/($1500×0.03) = 900/45

  t = 20

You must leave the money in the account for 20 years to earn $900 in interest.

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