math 24 another finance problem

Mathematics
Tutor: None Selected Time limit: 1 Day

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

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