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Anika [276]
3 years ago
7

Sonia received a statement on her Certificate of Deposit showing that her investment had returned $4,320 over its life. If the C

ertificate of Deposit pays a simple interest rate of 4.8% and her initial investment was $12,000, how long had the money been invested?
Mathematics
1 answer:
bija089 [108]3 years ago
6 0

Answer:

The correct answer is -7.5 years.

Step-by-step explanation:

Given:

Principle amount = 12000

Interest = 4320

time = ?

rate = 4.8 simple interest

Solution:

We know that simple Interest I = (P*t*r)/100

then t = I*100/p*r

putting values in formula:

t = 4320*100/4.8*12000

= 432000/57,600

= 7.5 years

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