SOLUTION: How many days will it take for a sum of $1300 to earn $8 interest if it is deposited in a bank paying simple interest at the rate of 4%/year?
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Question 1031222: How many days will it take for a sum of $1300 to earn $8 interest if it is deposited in a bank paying simple interest at the rate of 4%/year?
Found 2 solutions by stanbon, Boreal:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How many days will it take for a sum of $1300 to earn $8 interest if it is deposited in a bank paying simple interest at the rate of 4%/year?
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I = P*r*t
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8 = 1300*0.04*t
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8 = 52t
t = 2/13 yrs = (2/13)365 days = 56.13 days
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Cheers,
Stan H.
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Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Simple interest is I=prt+$1300*(0.04)*t=8
52t=8
t-8/52 of a year or 8 weeks
56.15 days for a 365 day year.
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