Mrs. Mashell is opening a college savings account for her daughter Janese. She deposited $4,000 into the account at a simple int

Question

seraphim [82]

3 years ago

12

Mrs. Mashell is opening a college savings account for her daughter Janese. She deposited $4,000 into the account at a simple int

erest rate of 5% earned annually. How long will it take Mrs. Mashell to earn $1,200 in interest?

Mathematics

2 answers:

Elden [556K] · Answer 1 · 2022-07-20T09:45:18+03:00

Elden [556K]3 years ago

5 0

Answer:

6

Step-by-step explanation:

vazorg [7] · Answer 2 · 2022-07-20T11:24:04+03:00

Mrs Mashell would earn an interest of $1200 in 6 years.

Simple interest is the interest that is earned on only the amount deposited. The formula for determining simple interest = principal x time x interest rate

In order to determine, how long it would take Mrs. Mashell to earn $1,200 in interest, make time the subject of the formula in the simple interest formula

Time = simple interest / ( principal x interest rate)

$1200 / ( 0.05 x $4000) = 6 years

A similar question was answered here: brainly.com/question/18567359?referrer=searchResults