Question

You deposit $200 in an account earning 3.5% simple interest. How long will it take for the balance of the account to be $221? :)

Answer 1

Step-by-step explanation:

A = $221 and P = 200

So I = 221-200 = $21

T = I × 100 / P × R

= 21×100 / 200×3.5

= 3 years

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