Interest??

Posted on March 12, 2010
Filed Under Uncategorized | 2 Comments

How long must $1000 be invested at an annual interest rate of 3% to earn $300 in interest ? thats the question no othr details plz help!

Comments

2 Responses to “Interest??”

  1. Daniel T on March 12th, 2010 2:27 am

    The simple interest answer is ten years assuming you DON’T earn any interest on the interest.
    $1,000 * . 03 * 1 Year = $30 Year
    $300 / $30/year = Ten Years

  2. William C on March 12th, 2010 2:33 am

    One year, a little less if the interest is compounded. Compounded means that you are receiving interest on the interest that is being accrued.

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