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If $3840 is deposited into a bank account at a 5% interest rate how long will it take the account to make $960 in interest?

User MathiasJ
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1 Answer

12 votes

assuming is simple interest


~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$960\\ P=\textit{original amount deposited}\dotfill & \$3840\\ r=rate\to 5\%\to (5)/(100)\dotfill &0.05\\ t=years \end{cases} \\\\\\ 960 = (3840)(0.05)(t)\implies \cfrac{960}{(3840)(0.05)}=t\implies 5=t

User Nsanglar
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