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13 December, 07:44

How long must $2100 be invested at an annual interest rate of 3% to earn $200 in simple interest? (I = Prt)

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  1. 13 December, 10:36
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    Hello,

    I=200$

    P=2100$ - amount borrowed

    r = 3% - rate

    Now, solve for time period (t)

    Where t=I/Pr

    t=200/2100 (3%)

    t = 3.17 years

    Thus, it would take 3.17 years to pay off.

    Faith xoxo
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