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Susan deposits $1,200 in an account that earns 8% simple interest annually.

In how many months will Susan's account balance reach $1,344? (Use the simple interest formula I=prt, where I = interest, p = principal or amount borrowed, r = rate, and t = time in years.)

User Molamk
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1 Answer

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interest = principal x rate x time

interest = 1344-1200 = 144

principal = 1200

rate = 8% = .08

144 = 1200 x .08 x Time

Time = 1.5 yrs

User Auden
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