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14 August, 13:41

You deposited 1700 dollars in a savings account that earns a simple interest rate of 3% per year. how many years do you need to keep the money in the account to earn $306 in interest

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  1. 14 August, 16:24
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    Interest = principle * rate * time

    I = PRT

    I = 306

    P = 1700

    R = 3% ... we need it in decimal form = 0.03

    now se sub and find T

    306 = (1700) (0.03) (T)

    306 = 51T

    306/51 = T

    6 = T ... so it would take 6 years
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