Answer:
5 years
Step-by-step explanation:
Step one:
Given Information
Principal= $34,000
rate = 4.8%
SImple interest = $8,160
Required
The time T of the investment
Step two:
the expression for simple interest is
substitute
cross multiply we have
divide both sides by 163200
Apparently, the calculator at the link in your lesson is fully capable of giving you the necessary numbers. My own TI-84 work-alike gives me the account balances, but the rest of the numbers need to be figured.
In 30 years, there are 12×30 = 360 months, or 4×30 = 120 quarters. See the calculator results below. Your table can be filled in using the given information to find the contribution amount. The calculator gives the final balance. The interest amount is found by subtracting the contribution amount from the final balance.
