SOLUTION: How many days will it take for your T-bill to increase in value from $875 to $900 if it earns a simple interest rate of 4.9%?

Question 1142639: How many days will it take for your T-bill to increase in value from $875 to $900 if it earns a simple interest rate of 4.9%?
Answer by ikleyn(52752)   (Show Source): You can put this solution on YOUR website!
.

            This problem was formulated and posed INACCURATELY.

            To be accurate, it must say directly and explicitly, that $875 is the starting (original) value of the T-bill.

            Starting and original value - and not some intermediate value.

            After this editing, the solution of the problem is as follows.

900 =      (where 365 is the number of days in a year),


t =  = 212.83 days.


ANSWER.  213 days.

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