Andrea opened a bank account for her daughter Hannah, with a deposit of $ 1,750 . The account will earn 2% simple interest annua
lly. How many months will it take her to earn interest in the amount of $245 on her deposit?
1 answer:
Answer:
84 months
Step-by-step explanation:
I × 100 = P × R × T
I = interest = $245
P = principal = $1750
R = rate = 2%
T = time(in years) = ??
245 × 100 = 1750 × 2 × T
24500 = 3500T
24500/3500 = T
7 = T
To convert the time to month:
7 × 12 = 84 months
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