Question

how long must $1000 be invested at an annual interest rate of 3% to earn $300 in simple interest

Answer 1

3% of 1000 is 300 so One year

Answer 2

3% of 1000 is 30.. so it will take 10 years to make 300 as interest

Answer 3

or you can use this formula...
Interest ( 300 ) = principal (1000) * time (T) * rate (3)/ 100

Answer 4

k

Answer 5

but who is right or r u both right

Answer 6

i guess, 3% of 1000 is 30 not 300..

Answer 7

ya so ur right cuz i did everything out and i got wat u got