You deposit $1,500 in an account earning 2.75% simple interest. How long will it take for the balance of the account to be $1,995.

12 years if interest is paid yearly

12 months if interest is paid monthly

Step-by-step explanation:

2.75% of $1500 is $41.25 interest per period

$1995-$1500 = $495 total interest

$495 ÷ $41.25 = 12 periods

Therefore it takes 12 interest periods to reach $1995, so the answer is 12 months or 12 years depending on how often interest is paid.

the answer is 844

step-by-step explanation:

it is 844 because if you add 836.50 + 7.5 you will get 844