math 24 another finance problem

label Mathematics
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

How many days will it take for a sum of $1200 to earn $12 interest if it is deposited in a bank paying ordinary simple interest at the rate of 4%/year?

Dec 9th, 2014

I = PRT

12 = (1200)(.04)(T)

T = 0.25 years = 3months = 3(30 days) = 90 days 

or 3(31 days) = 93 days 

or 3(30.5 days) = 91.5=92 days

However many days are in those months depends on the answer. 

Hope this helps!

Dec 9th, 2014

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Dec 9th, 2014
...
Dec 9th, 2014
Aug 17th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer