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PLEASE HURRY! this is financial algebra
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PLEASE HURRY! this is financial algebra

PLEASE HURRY! this is financial algebra-example-1
User Mikeumus
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1 Answer

10 votes

Answer:

6 years

Explanation:

Simple interest= P.R.T

I = $1300

P = 18000 deposit

Rate = 1.19%

T = ?

Putting into the formula we have

1300 = 18000x1.19/100xT

1300 = 18000x0.0119xT

1300 = 214.2T

Divide through to get T

T = 1300/214.2

= 6.069

So when we approximate T = 6 years

It would take 6 years to make $1300 in interest

User Thisisalsomypassword
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