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How many days will it take for a sum of $1300 to earn $16 interest if it is deposited in a bank paying simple interest at the rate of 4%/year?
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How many days will it take for a sum of $1300 to earn $16 interest if it is deposited in a bank paying simple interest at the rate of 4%/year?

User Timi
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1 Answer

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The formula is
I=prt
I interest earned 16
P principle 1300
R interest rate 0.04
T time t/365days
16=1300×0.04×(t/365)
Solve for t
T=(16÷(1,300×0.04))×365
T=112.3 days round your answer to get 112 days

Hope it helps!
User Digant C Kasundra
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