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Evaluation
Calculate simple interest
Question
Carolyn makes a deposit of $2,800 into a savings account. The bank calculates simple interest annually at a rate of 7.5%.
Interest is added every year on the anniversary of the initial deposit. How many years must Carolyn wait before her
investment exceeds $3,500? Give your answer in years. Do not include units in your answer.
Provide your answer below:
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