SOLUTION: How long will it take Mr. Albany to earn $75 if he invests $3000 at an annual rate of 5%?

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Question 807666: How long will it take Mr. Albany to earn $75 if he invests
$3000 at an annual rate of 5%?
Answer by DrBeeee(684) About Me  (Show Source):
You can put this solution on YOUR website!
Use
(1) I = prt
where
I = interest earned or $75
p = principal amount invested or $3000
r = annual rate or 5% or 0.05
t = number of years the investment is earning interest
We have
(2) 75 = 3000*0.05*t or
(3) 75 = 150*t or
(4) t = 75/150 or
(5) t = 1/2
Answer: It will take one half of a year to earn 75$.