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aniked [119]
2 years ago
12

Joy made a deposit of $1600 into an account with a rate of 5%. How long should she leave the money into the account if she wants

to earn $240 in interest
Mathematics
1 answer:
Leni [432]2 years ago
4 0

Answer: 3 years

Step-by-step explanation:

The following can be gotten from the question:

Principal = $1600

Rate = 5%

Simple interest = $240

Time = Unknown

Interest = Principal × Rate × Time /100

240 = (1600 × 5 × Time)/100

240 = (8000 × Time)/100

240 × 100 = 8000 × Time

24000 = 8000 × Time

Time = 24000/8000

Time = 3 years

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