Ann has $300 in a savings account that earns 1.75% simple annual interest. in how many years will she have$21 in Interest?
I = PRT
21 = 300 * 0.0175 * T
21 = 5.25T
21/5.25 = T
4 = T
To determine the number of years it will take for Ann to earn $21 in interest, we need to use the formula for simple interest:
Interest = Principal x Rate x Time
In this case, the principal (P) is $300 and the rate (R) is 1.75%. The interest (I) is $21, and we need to find the time (T) it takes for Ann to earn that amount.
We can rearrange the formula to solve for time (T):
T = I / (P x R)
Plugging in the values:
T = $21 / ($300 x 0.0175)
T = $21 / $5.25
T = 4
Therefore, it will take Ann 4 years to earn $21 in interest.