Joy made a deposit of $1600 into an account with a rate of 5%. How long should she leave the money into the account if she wants to earn $240 in interest

Answer: 3 years

Step-by-step explanation:

The following can be gotten from the question:

Principal = $1600

Rate = 5%

Simple interest = $240

Time = Unknown

Interest = Principal * Rate * Time / 100

240 = (1600 * 5 * Time) / 100

240 = (8000 * Time) / 100

240 * 100 = 8000 * Time

24000 = 8000 * Time

Time = 24000/8000

Time = 3 years