Question

You deposited $10,000 into a savings account at 6%. After a certain amount of time, you earned $4,800. How long did you have your money in the savings account?

Answer 1

800 months

Explanation:

The formula for interest is:

(Capital * saving account * time) / 100

So:

(10000 * 0.06 * x) / (100) = 4800

We clear x:

(10000 * 0.06 * x) = (100) * 4800

x = 480,000 / (10000 * 0.06)

x = 800 months (66.67 years)