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24 July, 07:53

You deposit 1200 in an account. the annual interest is 3 percent. how long will it take you to earn 108 in simple interest

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Answers (2)
  1. 24 July, 09:14
    0
    1200 + 108 = 1200 (1 + 0.03x)

    1308 = 1200 + 36x

    36x = 108

    x = 3 years
  2. 24 July, 10:52
    0
    Each year, you earn 3 percent of 1200, or 36. So after 3 years, you'll have earned 3 * 36 or 108. So 3 years.
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