SOLUTION: £500 is invested at a simple rate of 3% per year. After how many years is the total interest £60?

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Question 879727: £500 is invested at a simple rate of 3% per year. After how many years is the total interest £60?
Answer by harpazo(655) About Me  (Show Source):
You can put this solution on YOUR website!
Use I = prt.
60 = 500(0.03)t
Solve for t, which represents time in years.
60 = 15t
60/15 = t
4 = t
Answer is 4 years.