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
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-> 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
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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.
