Question

You put $1200 in an account with a simple interest rate of 3.5%. How long does it take for the account to earn $210?

Answer 1

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Find the interest rate a year
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3.5% of $1200 
= 0.035 x 1200
= $42

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Find the number of years needed
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$210 ÷ $42 = 5

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Answer: You need 5 years to earn $210
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