Question

you deposited $1700 dollars in savings account that earns a simple interest rate of 3% per year. How many years do tou need to keep the money in the account to earn $306 in interest

Answer 1

`\bf ~~~~~~ \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\to &\$306\\ P=\textit{original amount deposited}\to& \$1700\\ r=rate\to 3\%\to (3)/(100)\to &0.03\\ t=years \end{cases} \\\\\\ 306=1700\cdot 0.03\cdot t\implies 306=51t\implies \cfrac{306}{51}=t`