Question

Meredith deposits $14,000 into an account that earns 3% annual simple interest. How many years will it take Meredith to earn $2,940 in simple interest on the account?

Answer 1

Answer:

HERE IS YOUR ANSWER  = 7 YEARS

Step-by-step explanation:

PRINCIPLE = $14,000

RATE OF INTEREST = 3%

TIME = 1 YEAR

SIMPLE INTEREST = P*R*T/100 = 1400*3*1/100 = $420

IN 1 YEAR SIMPLE INTEREST = $420

IN HOW MUCH YEAR SIMPLE INTEREST = $2940

THEN

         2940/420 = 7 YEAR

THEREFORE IN 7 YEARS SIMPLE INTEREST = $2940

HOPE IT HELPS

PLEASE MARK AS BRAINLIEST