Question

Kaleigh wants to buy a car that costs $17360. She deposits $14,000 in a savings account that earns 8% simple interest. How long was Kaylee leave the money in the savings account to be able to buy the car?

Answer 1

Kaylee must leave the money in the savings account for 3 years.

Explanation:

Given that Kaylee wants to buy a car that costs $ 17,360, and she deposits $ 14,000 in a savings account that earns 8% simple interest, to determine how long was Kaylee leave the money in the savings account to be able to buy the car must be made the following calculation:

14,000 + (14,000 x 0.08 x X) = 17360

1,120X = 17,360 - 14,000

X = 3,360 / 1,120

X = 3

Therefore, Kaylee must leave the money in the savings account for 3 years.