Debra opened a savings account with $5000 and was paid simple interest at an annual rate of 3%. When Debra closed the account, she was paid $300 in
interest. How long was the account open for, in years?
If necessary, refer to the list of financial formulas.


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Respuesta :

Answer:

The answer is 2 years

Step-by-step explanation:

We first use the formular for calculating simple interest: I= P× R× T

P- Principal, R- Rate, T- Time

P= 500 R-3%=0.03 I= 300

300=5000×0.03×t 300= 150 t

Solve for t: t= 300/150= 2 years