For simple interest accounts the interest earned or due depends on the principal p, interest rate r, and the time t in years according to the formula I = prt.
Paul deposited $8400 in a savings account that pays 7.5% simple interest. How long will it take the account balance to reach $11,172.00 at this rate of interest, if no more deposits are made? (Hint: How much interest will be paid?)

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The Answer of For simple interest accounts the interest earned or due depends on the principal p, interest rate r, and the time t in years according to the formula I = prt.
Paul deposited $8400 in a savings account that pays 7.5% simple interest. How long will it take the account balance to reach $11,172.00 at this rate of interest, if no more deposits are made? (Hint: How much interest will be paid?)

For Simple Interest Accounts the Interest Earned or Due Depends