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27 August, 03:34

You deposit $200 in an account earning 3.5% simple interest. How long will it take for the balance of the account to be $249? Write down the formulas you are going to use.

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Answers (2)
  1. 27 August, 04:29
    0
    7 years

    Step-by-step explanation:

    I = P*r*t

    I = 249 - 200 = 49

    49 = 200 * (3.5/100) * t

    t = 49/7

    t = 7
  2. 27 August, 05:04
    0
    7 years

    Step-by-step explanation:

    Simple interest is given by

    I = PRT where I is the interest, P is the principle r is the rate and t is time

    If we have 249 in the account and started with 200,

    the interest is 249-200 = 49

    The principle is 200 and the rate is 3.5% or in decimal form. 035

    Putting into the equation

    49 = 200 (.035) t

    49 = 7t

    Divide each side by 7

    49/7 = 7t/7

    7 = t

    It will take 7 years
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