Question

In how many months will $9100.00 grow to $9818.75 at 6.41% per annium?

Answer 1

`\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\to &9818.75\\ P=\textit{original amount deposited}\to& \$9100\\ r=rate\to 6.41\%\to (6.41)/(100)\to &0.0641\\ t=years \end{cases} \\\\\\ \cfrac{A}{P}=1+rt\implies \cfrac{A}{P}-1=rt\implies \cfrac{(A)/(P)-1}{r}=t`

now, "t" is years... so if it gives you something like 3.5, that simply means, 12 + 12 + 12 + half-year or 6 months, or 42 months