Question

Notes

Example 11: Derek has a bank account that pays 4.1% simple interest. The

balance is $910. When will the account grow to $1,000?

Answer 1

2 YERAS AND 5 MONTHS

Explanation:

90 = 910 X 4.1 X T

100

90X100 = 3731 X T

9000 = 3731T

T = 2.4

2 YEARS AND .4X 12 = 5 MONTHS

IN 2 YEARS AND 5 MONTHS THE ACCOUNT WILL GROW TO $1,000