johndacres9942 johndacres9942

29-01-2021
Mathematics

contestada

If i put $1 500 into my savings account and earned $240 of interest at a 4% rate how long was my money in the bank

Respuesta :

samuelonum1 samuelonum1

31-01-2021

Answer:

4 years

Step-by-step explanation:

Given data

Principal = $1500

Simple interest = $240

rate= %4

Required

The time taken to earn $240

We know that

Simple interest= PRT/100

substitute

240= 1500*4*T/100

cross multiply we have

1500*4*T= 240*100

6000T= 24000

divide both sides by 6000

T= 24000/6000

T= 4 years

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