You deposit $1200 in an account. The annual interest rate is 3%. How long will it take you to earn $108 in simple interest?

Interest = $3,888

Step-by-step explanation:

Formula:

I = prt or I = p · r · t

what it stands for:

I = amount of interest

P = principal amount ($1,200)

R = interest rate (in years) (3% into decimal which would be. 03)

T = amount of time (in years) ($108)

so:

I = prt

I = (1,200) (.03) (108)

I = $3,888

Interest = $3,888