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Aleksandr [31]
3 years ago
11

the simple interest x on an investment of p dollars at an interest rate r for t years is given by x = xrt. Find the time it woul

d take to earn $900 in interest on an investment of $21,000 at a rate of 4.6%
Mathematics
1 answer:
Vladimir79 [104]3 years ago
3 0

Answer:

t = 0.93 years

(about 0 years 11 months)

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 4.6%/100 = 0.046 per year,

then, solving our equation

t = (1/0.046)((21900/21000) - 1) = 0.93

t = 0.93 years

The time required to get a total amount, principal plus interest, of $21,900.00 from simple interest on a principal of $21,000.00 at an interest rate of 4.6% per year is 0.93 years (about 0 years 11 months).

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