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28 November, 17:10

How long will it take 680 dollars to earn 102 dollars in simple interest at an annual interest rate of 3%? Show your work in an easy way.

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  1. 28 November, 17:14
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    Simple interest is where 3% of the original value is added on each year

    goal number = $102

    original number = $680

    3% of $680 can be found by getting 1% and multiplying by 3

    100% = original number = $680

    100% / 100 = 1% so $680 / 100 = $6.80 = 1%

    3% = $6.80 * 3 = $20.40

    so each year the money rises by $20.40

    to find out how many years it would take to get to $102:

    $102 / $20.40 = 5 years
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