Answer :
The Solution:
The correct answer is 3 years.
The formula for calculating Simple Interest is
[tex]\text{ S.I=}\frac{PRT}{100}[/tex]In this case,
[tex]\begin{gathered} \text{ S.I= simple interest= \$300} \\ P=\text{ principle = \$2000} \\ R=\text{ rate per annum =5\%} \\ T=\text{ Time(in years)}=\text{?} \end{gathered}[/tex]To find the number of years Keith operated the Savings Account, we shall substitute these values in the above formula.
[tex]\begin{gathered} 300=\frac{2000\times5\times T}{100} \\ \\ 300=20\times5\times T \\ \\ 300=100\times T \end{gathered}[/tex]Dividing both sides by 100, we get
[tex]\begin{gathered} \frac{300}{100}=\frac{100\times T}{100} \\ \\ 3=T \\ T=3\text{ years} \end{gathered}[/tex]Thus, Keith operated the savings account for 3 years.
