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2 years ago

13

Ron earned 13200 in interest on an account with a principal amount of 24000 and an interest rate of 11%. How long were the funds

in the account?

1 answer:

lord [1]2 years ago

5 0

Answer:

5 years

Step-by-step explanation:

It is assumed the interest is simple.

<u>Use the interest formula:</u>

I = Prt

<u>We have:</u>

I = 13200
P = 24000
r = 11% = 0.11

<u>Substitute values and solve for t:</u>

13200 = 24000*0.11t
13200 = 2640t
t = 13200/2640
t = 5 years

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