Suppose you deposit 600$ in a bank account with a simple interest rate of 2.5%. You want to keep your deposit in the bank long enough to earn at least 120$ in interest. How long should you keep your deposit in the bank?
We’ll use I = PRT where I is the interest earned, P is the principal/money invested, R is the interest rate converted to a decimal, and T is time in years.
In this case, T is the variable we don’t have a value for.
