you deposit $200 in an account earning 3.5% simple interest. How long will it take for the balance of the account to be $221?
200(1+.035n) = 221
so 1 year?
To find out how long it will take for the balance of the account to reach $221, we can use the formula for simple interest:
Interest = Principal * Rate * Time
Here, the principal is $200, the rate is 3.5% (or 0.035 as a decimal), and we want to find the time it takes for the balance to reach $221.
Let's assign the time as 't':
Interest = $221 - $200 = $21
Principal = $200
Rate = 3.5% or 0.035
Time = t (unknown)
Now we can substitute these values into the formula and solve for 't':
Interest = Principal * Rate * Time
$21 = $200 * 0.035 * t
Divide both sides of the equation by ($200 * 0.035):
$21 / ($200 * 0.035) = t
Calculating the right side of the equation:
$t = 0.6$ (approximately)
So, it will take approximately 0.6 years for the balance of the account to reach $221.