Sam earned $40 on his investment of $400. He earned 5% interest on his investment. How long did Sam leave his money in the bank?
1 answer:
Answer:
2yrs
Step-by-step explanation:
Given parameters:
Amount of interest earned = $40
Principal = $400
Interest rate = 5%
Unknown:
Time taken for the money to be in bank = ?
Solution:
The formula for interest is given as:
I =
Where I is the interest
P is the principal
R is the rate
T is the time
So;
100I = PRT
T =
=
= 2yrs
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