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likoan [24]
3 years ago
12

Mr. Champion invests 34,000 into a money-market fund that pays 4.8% simple interest. How long will it take for him to earn $8,16

0 in simple interest?
Pls show all work
Mathematics
1 answer:
Tanzania [10]3 years ago
4 0

Answer:

5 years

Step-by-step explanation:

Step one:

Given Information

Principal= $34,000

rate = 4.8%

SImple interest = $8,160

Required

The time T of the investment

Step two:

the expression for simple interest is

SI= PRT/100

substitute

8160 = 34000*4.8*T/100

cross multiply we have

8160*100= 34000*4.8*T\\\\816000= 163200T\\\\

divide both sides by 163200

816000/163200= T\\\\T= 5 years

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