PLEASE HURRY! this is financial algebra
1 answer:
Answer:
6 years
Step-by-step explanation:
Simple interest= P.R.T
I = $1300
P = 18000 deposit
Rate = 1.19%
T = ?
Putting into the formula we have
1300 = 18000x1.19/100xT
1300 = 18000x0.0119xT
1300 = 214.2T
Divide through to get T
T = 1300/214.2
= 6.069
So when we approximate T = 6 years
It would take 6 years to make $1300 in interest
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