Jenny's parents deposit $10,000 for her college tuition in an account with a 3% simple interest rate. How long will it take to earn $3600 in interest?

5 years

7 years

10 years

12 years

Ok so Interest = Principle * rate * time P = 10,000 R = 3% = 0.03 T (we need to solve for t I = 3600 now we sub ... 3600 = (10,000) (0.03) (t) 3600 = 300t - - divide both sides by 300 3600/300 = t 12 = t check ... I = prt 3600 = (10000) (0.03) (12) 3600 = (300) (12) 3600 = 3600 (correct) It would take 12 years