Question

Dawn deposits $850.00 in an account that earns 6% simple interest. About how many years will it take for her account balance to earn $250.00 in interest?


Select the best answer from the choices provided.



About 1 year



About 3 years



About 5 years



About 10 years

Answer 1

answer is About 5 years

hope it helps

6% = 0.06

850 * 0.06 = 51

250/51 = 4.901 years
round up to 5 years

Answer 2

I = PRT
I = 250
P = 850
R = 6% = 0.06
now we sub and find t (time)
250 = (850)(0.06)(t)
250 = 51t
250/51 = t
4.90 = t.....it will take about 5 years