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

Question 933607: You deposited $1700 dollars in a savings account that earns a simple interest rate of 3% per year. How many years do you need to keep the money in the account to earn $306 in interest?
Answer by ptfile(81) (Show Source): You can put this solution on YOUR website!
Let $1700 = the amount
3% = interest rate
$306 = interest earned
Interest=(Principal)(Rate)(Time)
306 =(1700)(.03)(t)
306 = 51t
6 = t
You need to keep the money for 6 years in order to earn $306.

RELATED QUESTIONS
You deposit $840 in a savings account that earns a simple in n tree interest rate of 4.5% (answered by ikleyn)

Sam has $2750.00 in a savings account that earns simple interest at a rate of 1 3/4% per... (answered by solver91311)

find the amount in a savings account that earns a simple interest rate of 4% after 3... (answered by stanbon)

Find the amount in a savings account that earns a simple interest rate of 4% after 3... (answered by rfer)

If $100 dollars is deposited in a savings account that pays interest at a rate of 12.5%... (answered by Kbear,MathTherapy)

$13,000 is deposited into a savings account that earns simple intrest at a rate of 6.5... (answered by Hawksfan)

You deposit $3,000 in a savings account that earn 9% simple interest per year. How many... (answered by EMStelley)

You deposit $70 in a savings account that pays an annual interest rate of 3%. How... (answered by checkley77)