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Jenny's parents deposit $15,000 for her college tuition in an account with a 3% simple interest rate. How long will it take to earn $3600 in interest?

Jenny's parents deposit $15,000 for her college tuition in an account with a 3% simple interest rate. How long will it take to earn $3600 in interest?
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Jenny's parents deposit $15,000 for her college tuition in an account with a 3% simple interest rate. How long will it take to earn $3600 in interest?

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User Jwimberley
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1 Answer

4 votes
3% of 15,000 is 450 3600 divided by 450 is 8 so 3% per year wait 8 years until interest reaches 3600
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User LouisB
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