Sasha invested money in her bank account. She had a principal, P, of $100 in her account at the beginning of the period, which inc

Question

Sasha invested money in her bank account. She had a principal, P, of $100 in her account at the beginning of the period, which inc

Question

Sasha invested money in her bank account. She had a principal, P, of $100 in her account at the beginning of the period, which increased at a rate, r, of 0.15 per year. At the end of the period, she had interest, I, of $120 in her account. Use the simple interest formula 1 = Prt, to solve for the time, t, in months that it took to earn this amount.

in progress 0

Math High School Lệ Thu 2 weeks 2023-01-24T03:21:58+00:00 2023-01-24T03:21:58+00:00 1 Answer 0 views 0

Answer ( 1 )

thucuc · Answer 1 · 2023-01-24T03:23:20+00:00

It would take 16 months to the interest of $20

What is simple interest?

Simple interest is determined as the principal multiplied by the rate of interest and time the principal has been invested for.

In this case, an initial investment of $100 has turned $120 at the end of the period which means that the simple interest in dollar terms is $20

Interest=$120-$100

Interest=$20

As hinted in the question, the simple interest formula is as shown below;

I=PRT

I=interest=$20

P=principal=$100

R=rate=0.15

T=time taken to earn the interest of $20=unknown

$20=$100*0.15*T

$20=$15*T

$20/$15=T

4/3=T

T=4/3

One year is 12 months, 4/3 years can be expressed in months as shown below

4/3 years=4/3*12

4/3 years=16 month

Find out more about simple interest on:https://brainly.com/question/15841407

#SPJ4