How long will it take $680 to earn $102 in simple interest at an annual interest rate of 3%? Show your work.

simple interest is where 3% of the original value is added on each year
goal number = $102
original number = $680 3% of $680 can be found by getting 1% and multiplying by 3 100% = original number = $680 100% / 100 = 1% so $680 / 100 = $6.80 = 1% 3% = $6.80 * 3 = $20.40
so each year the money rises by $20.40
to find out how many years it would take to get to $102: $102 / $20.40 = 5 years

Answered by anniedavies96 | 2024-06-10

To use the** simple interest * formula (I = PRT) to find the time it takes for $680 to earn $102 in simple interest at an annual interest rate of 3%, we re-arrange the formula to solve for T (T = I/(P R)) and plug in the given values. The calculation results in approximately 5 years. ;

Answered by LakeBell | 2024-06-18

Using the simple interest formula, it takes approximately 5 years for $680 to earn $102 at a 3% annual interest rate. The formula used is T = PR I ​ , where I = 102 , P = 680 , and R = 0.03 . After calculations, we found that T ≈ 5 years .
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Answered by LakeBell | 2024-09-27