SOLUTION: A person invested $3000.00 in an account paying 2% simple interest. How long will it take for the account to grow to $3500.00?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: A person invested $3000.00 in an account paying 2% simple interest. How long will it take for the account to grow to $3500.00?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 949181: A person invested $3000.00 in an account paying 2% simple interest. How long will it take for the account to grow to $3500.00?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I+prt
500=3000*0.02*t
500/60=t
t=8.3 yrs