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nexus9112 [7]
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?
Mathematics
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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