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Colt1911 [192]
2 years ago
9

How many days will it take for a sum of $4,000 to earn $80 interest if it is deposited in a bank paying ordinary simple interest

at the rate of 5%/year?
Mathematics
1 answer:
Maksim231197 [3]2 years ago
4 0

Answer:

It will take 146 days to earn an interest of $80.

Step-by-step explanation:

The simple interest formula is:

I=\frac{P\times r\times t}{100}

It is provided that:

I = $80

P = $4,000

r = 5% p.a.

Compute the time required as follows:

I=\frac{P\times r\times t}{100}

t=\frac{I\times 100}{P\times r}

  =\frac{80\times 100}{4000\times 5}\\\\=0.4\ \years\\\\=0.4\times 365\ days\\\\=146\ days

Thus, it will take 146 days to earn an interest of $80.

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The amount invested in the first account is $1,500 and $6,500 was invested in the second account.

What is simple interest?

Simple interest is determined as the principal multiplied by the interest rate ,then multiplied by the duration of the investment.

The formula for simple interest on an investment is as shown below:

I=PRT

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R=interest rates= 1% and 6%

T=duration of investment=1 year

Let assume that X was invested at 1% and that the remaining of $8000-X is invested at 6%.

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Amount invested in the second account=$8000-X

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Find out more about simple interest on:brainly.com/question/1115815

#SPJ1

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