SOLUTION: James deposited $1,500 in a credit union paying 4% simple interest annually. How many years will the money have to be left on deposit to earn $300 in interest?

Question 349125: James deposited $1,500 in a credit union paying 4% simple interest annually. How many years will the money have to be left on deposit to earn $300 in interest?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
James deposited $1,500 in a credit union paying 4% simple interest annually. How many years will the money have to be left on deposit to earn $300 in interest?
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I = Prt
300 = 1500*0.04*t
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t = 300/(1500*0.04)
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t = 5 years
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Cheers,
Stan H.
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