Question

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 $8,160 in simple interest?
Pls show all work

Answer 1

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

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