Question

How long would you need to keep $775 in an account that pays 3% simple interest to earn $93 interest?
choises are:

a.
2 years
b.
4months
4 years
b.
4 months
c.
4years
d.
2months

Answer 1

work out 93 as a percentage of 775

This tells you the total percentage interest needed

The account pays 3% per year - you will see a simple solution to see how long it will take ot reach that amount of interes

Answer 2

3 percent each month? or year?

Answer 3

If months, b

Answer 4

thanks

Answer 5

If you can find an account paying 3% per month put EVERYTHING you , your friends your parents and your neighbours own in it NOW.

Accounts normally quote annual interest.

Answer 6

@selena<3 do what I said - you will come up with the correct answer for yourself

Answer 7

okay thanks i got it