Jenny's parents deposit $15,000 for her college tuition in an account with the 3% simple interest rate how long will it take to earn $3600 in interest?

A. 5 years
B. 8 years
C. 10 years
D. 12 years

Question

Jenny's parents deposit $15,000 for her college tuition in an account with the 3% simple interest rate how long will it take to earn $3600 in interest?

A. 5 years
B. 8 years
C. 10 years
D. 12 years

tkhunny · Answer

Simple Interest: I = Prt -- Every time!

Fill in what you know and solve for the rest.

anonymous · Answer

Can you just help me?

tkhunny · Answer

I did.  Start substituting.  r = 0.03  You do the rest.

mathmale · Answer

i=the amount of interest earned or paid
P=the original amount of money deposited in the bank and earning interest from the bank
r=the interest rate, as a decimal fraction
t=time, in years.

mathmale · Answer

You know 3 of these 4 quantities.   Please go back to the original problem statement and make lists of the knowns and unknowns:

Knowns                                                    Unknowns
P=?                                                              i=?
r=?
t=?

anonymous · Answer

So would it be 12 years?

mathmale · Answer

Mind showing your work, please?

mathmale · Answer

the time t which I obtain is considerably different.

If Simple Interest: I = Prt -- Every time!

Check your work as follows:   (p)(r)(t), using P=$15000, r=0.03 and t=12 (years)
Do you get $3600 as the amount of interest earned?  If not, t=12 is incorrect.

anonymous · Answer

Oh it would be 8! Thank you