Suppose you deposit $600 in a bank account with a simple interest rate of 2.5%. You want to keep your deposit in the bank long

Question

2 years ago

15

Suppose you deposit $600 in a bank account with a simple interest rate of 2.5%. You want to keep your deposit in the bank long

enough to earn at least $120 in interest. How long should you keep your deposit in the bank?
To earn at least $120 interest, you should keep your deposit in the bank for [blank] year(s).
(Round up to the nearest year.)

Mathematics

1 answer:

aksik [14] · Answer 1 · 2022-03-31T20:30:53+03:00

1 ) the formula used to calculate the simple interest is

I = Ci*n, f his formula you obtain n , that is the time in years n = I/ Ci, where c is the initial capital, i is the earned interest , and i is he rate of interest,

n = 120/600 (0,025) = 120 / 15 = 8 , at 8 years, you will obtain $ 120 of INTEREST

Suppose you deposit ​$600 in a bank account with a simple interest rate of 2.5​%. You want to keep your deposit in the bank long

Suppose you deposit $600 in a bank account with a simple interest rate of 2.5%. You want to keep your deposit in the bank long