SOLUTION: Ms. Jenkins opened an account with a $3,000 deposit. The account earned 2.2% annual simple interest. She did not make any additional deposits or withdrawals. How many years will

Question 1193932: Ms. Jenkins opened an account with a $3,000 deposit. The account earned 2.2% annual simple interest. She did not make any additional deposits or withdrawals.
How many years will it take for the balance of her account to be $3,330?

Answer by ikleyn(52800) (Show Source): You can put this solution on YOUR website!
.


Use the formula for the future value of an simple interest account

    FV = 3000*(1 + 0.022*t).


Make an equation with FV = 3330  dollars:

    3330 = 3000*(1+0.022*t).


From the equation, find "t" in years

    t =  = 5.


ANSWER.  In 5 years.

Solved.

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Another way to solve is to estimate the interest per year.  

It is  0.22*3000 = 66 dollars.


The expected interest is  3330 - 3000 = 330 dollars, and it will be achieved in  

     = 5 years.

You get the same answer.

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To see many other similar (and different) solved problems on simple interest accounts, look into the lesson
- Simple interest percentage problems
in this site.

Learn the subject from there.

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