menu
Qammunity.org
Login
Register
My account
Edit my Profile
Private messages
My favorites
Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question
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?
asked
Mar 16, 2018
221k
views
3
votes
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?
Business
high-school
Timi
asked
by
Timi
7.7k
points
answer
comment
share this
share
0 Comments
Please
log in
or
register
to add a comment.
Please
log in
or
register
to answer this question.
1
Answer
0
votes
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!
Digant C Kasundra
answered
Mar 21, 2018
by
Digant C Kasundra
8.5k
points
ask related question
comment
share this
0 Comments
Please
log in
or
register
to add a comment.
← Prev Question
Next Question →
Related questions
asked
Jul 11, 2020
149k
views
If $800 is deposited in an account paying 7% annual interest, compounded continuously, how long will it take for the account to increase to $1300? Round your answer to the nearest hundredth of a year
TheLazyFox
asked
Jul 11, 2020
by
TheLazyFox
7.7k
points
Mathematics
middle-school
1
answer
0
votes
149k
views
asked
Dec 21, 2017
29.8k
views
Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year. She earned $299 in interest before closing the account. If no money was deposited into or withdrawn from the account,
Razorbeard
asked
Dec 21, 2017
by
Razorbeard
8.4k
points
Mathematics
middle-school
2
answers
0
votes
29.8k
views
asked
Aug 10, 2017
233k
views
Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year. She earned $299 in interest before closing the account. If no money was deposited into or withdrawn from the account,
Fred Nurk
asked
Aug 10, 2017
by
Fred Nurk
7.6k
points
Mathematics
middle-school
2
answers
1
vote
233k
views
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.
9.4m
questions
12.2m
answers
Other Questions
Who was Adam Smith ? Anybody?
What can turn igneous rock into sediment?
In what way did the GI Bill contribute to the growth of professional and white-collar jobs ? A.by providing US laborers with new job-training programs B.by giving US veterans assistance to purchase a new
What is the best way to describe a stock market?
You sell popcorn during your schools football games. Knowing that the people usually buy more when the price is lower, how would you price your popcorn after halftime?
Twitter
WhatsApp
Facebook
Reddit
LinkedIn
Email
Link Copied!
Copy
Search Qammunity.org