How many days will it take for a sum of $1300 to earn $16 interest if it is deposited in a bank paying simple interest at the rate of 4%/year?
Answers
Answer 1
The formula is I=prt I interest earned 16 P principle 1300 R interest rate 0.04 T time t/365days 16=1300×0.04×(t/365) Solve for t T=(16÷(1,300×0.04))×365 T=112.3 days round your answer to get 112 days