Andrea opened a bank account for her daughter Hannah, with a deposit of $ 1,750. The account will earn 2% simple interest annually. How many months will it take her to earn interest in the amount of $245 on her deposit?

84 months

Step-by-step explanation:

I * 100 = P * R * T

I = interest = $245

P = principal = $1750

R = rate = 2%

T = time (in years) = ?

245 * 100 = 1750 * 2 * T

24500 = 3500T

24500/3500 = T

7 = T

To convert the time to month:

7 * 12 = 84 months