Question

Savannah has a principle of 15000 with a 4.25% and saves 1,275 in interest. How long is she saving for

Answer 1

Answer:

5.73 years

Step-by-step explanation:

Considering she saved 4.25% in each year of the amount $15000.

So, we have to calculate in what time her saving reaches $1275, if she save each year.

it becomes question of simple interest in which

SI = $1275, Principal P= $5000, time T, rate R = 4.25%

we know SI = PRT/100

1275 = 5000×4.25×T/100

⇒T = 1275×100/(5000×4.25)

⇒ T= 5.73 years