Question 401114: At a simple annual interest rate of 4.5%, how many years will it take Sam to earn $135 interest on an original deposit of $1,000?
Answer by algebrahouse.com(1659)   (Show Source):
You can put this solution on YOUR website! At a simple annual interest rate of 4.5%, how many years will it take Sam to earn $135 interest on an original deposit of $1,000?
In the formula, i = prt:
i = interest
p = principle
r = rate
t = time
135 = 1,000(.045)(t) {substituted into formula and changed 4.5% to .045}
135 = 45t {multiplied on right side}
t = 3 years {divided both sides by 45}
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