Question 887658
A philanthropist has donated $ 350,000.00 to habitat for humanity .
 the funds are to be set up in a trust account with them proceeds from interest earned to be used to build new homes.
 At a return rate of 4.5% and using the simple interest formula, how many months will it take to earn $40,000.00, the average amount it takes to build a house?
 Round your answer two decimal places
:
This is a I = PRT  problem, where
I = interest earned
P = the principal amt
T = time in years
:
 350000 * .045 * t - 40000
 15750t = 40000
t = 40000/15750
t = 2.5397 yrs
But they wanted the time in months
2.5397 * 12 = 30.48 months