Question

If i put $1 500 into my savings account and earned $240 of interest at a 4% rate how long was my money in the bank

Answer 1

4 years

Explanation:

Given data

Principal = $1500

Simple interest = $240

rate= %4

Required

The time taken to earn $240

We know that

Simple interest= PRT/100

substitute

240= 1500*4*T/100

cross multiply we have

1500*4*T= 240*100

6000T= 24000

divide both sides by 6000

T= 24000/6000

T= 4 years