Simple interest counts interest on principal amount only. The time it will take to earn $336 in interest for given scenario is 2 years.
How to calculate simple interest amount?
If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest, then the interest amount earned is given by:
[tex]I = \dfrac{P \times R \times T}{100}[/tex]
For the given case, it is specified that:
- Initial amount = P = $3000
- Rate of simple interest = 5.6% (supposing to be annual)
- The interest earned = I = $336
- The time for which the amount was deposited = T (suppose)
Then, using the simple interest formula, we get:
[tex]I = \dfrac{P \times R \times T}{100}\\\\336 = \dfrac{3000 \times 5.6 \times T}{100}\\\\336 = 168 \times T\\\\\text{Dividing both the sides by 168}\\\\T = \dfrac{336}{168} = 2[/tex]
Thus, the time it will take to earn $336 in interest for given scenario is 2 years.
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