Question

Joy made a deposit of $1600 into an account with a rate of 5%. How long should she leave the money into the account if she wants to earn $240 in interest

Answer 1

Answer: 3 years

Explanation:

The following can be gotten from the question:

Principal = $1600

Rate = 5%

Simple interest = $240

Time = Unknown

Interest = Principal × Rate × Time /100

240 = (1600 × 5 × Time)/100

240 = (8000 × Time)/100

240 × 100 = 8000 × Time

24000 = 8000 × Time

Time = 24000/8000

Time = 3 years