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?
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!
Content will be erased after question is completed.
Enter the email address associated with your account, and we will email you a link to reset your password.
Forgot your password?