You deposit $200 in an account earning 3.5% simple interest. How long will it take for the balance of the account to be $249? Write down the formulas you are going to use.

Question

Mathematics

Tessa Mckenzie

24 July, 07:07

You deposit $200 in an account earning 3.5% simple interest. How long will it take for the balance of the account to be $249? Write down the formulas you are going to use.

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Answers (2)

Know the Answer?

Cochran · Answer 1

7 years

Step-by-step explanation:

I = P*r*t

I = 249 - 200 = 49

49 = 200 * (3.5/100) * t

t = 49/7

t = 7

Kaylen Roberts · Answer 2

7 years

Step-by-step explanation:

Simple interest is given by

I = PRT where I is the interest, P is the principle r is the rate and t is time

If we have 249 in the account and started with 200,

the interest is 249-200 = 49

The principle is 200 and the rate is 3.5% or in decimal form. 035

Putting into the equation

49 = 200 (.035) t

49 = 7t

Divide each side by 7

49/7 = 7t/7

7 = t

It will take 7 years