Kingsley had $250 in her saving account. She earned 6% interest each year. Using the simple interest formula I=prt, how long will it take Kingsley to earn $45 in interest?

Question

Kingsley had $250 in her saving account. She earned 6% interest each year. Using the simple Interest formula I=prt, how long will it take for Kingsley to earn $45 in interest?

Answer 1

I=prt

45= 250(0.06)t

t= 45/15=3 yrs