document.write( "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.\r
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Algebra.Com's Answer #825986 by ikleyn(52803) $\"\"$ $\"About$

You can put this solution on YOUR website!
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document.write( "Use the formula for the future value of an simple interest account\r\n" );
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document.write( "    FV = 3000*(1 + 0.022*t).\r\n" );
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document.write( "Make an equation with FV = 3330  dollars:\r\n" );
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document.write( "    3330 = 3000*(1+0.022*t).\r\n" );
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document.write( "From the equation, find \"t\" in years\r\n" );
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document.write( "    t =  = 5.\r\n" );
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document.write( "ANSWER.  In 5 years.\r\n" );
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document.write( "Another way to solve is to estimate the interest per year.  \r\n" );
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document.write( "It is  0.22*3000 = 66 dollars.\r\n" );
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document.write( "The expected interest is  3330 - 3000 = 330 dollars, and it will be achieved in  \r\n" );
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document.write( "     = 5 years.\r\n" );
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\n" ); document.write( "\n" ); document.write( "To see many other similar (and different) solved problems on simple interest accounts, look into the lesson\r
\n" ); document.write( "\n" ); document.write( " - Simple interest percentage problems \r
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