Question

How many years do you have to invest $250 at 3% to earn $52.50?

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$52.50\\ P=\textit{original amount deposited}\dotfill & \$250\\ r=rate\to 3\%\to (3)/(100)\dotfill &0.03\\ t=years \end{cases} \\\\\\ 52.50 = (250)(0.03)(t) \implies \cfrac{52.50}{(250)(0.03)}=t\implies 7=t`