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2 March, 08:03

How many days will it take for $1500 to earn $16 interest if it is deposited in a bank paying simple interest at the rate of 4%/year? (Use a 365-day year. Round your answer up to the nearest full day.)

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  1. 2 March, 08:38
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    97 days

    Explanation:

    In simple interest method, the interest is calculated by the following formula

    I = P x R x T

    I = interest

    P = principal amount

    R = interest rate

    T = Time

    In this case

    I=$16

    P=$1500$

    R = 4% or 0.04%

    T = time

    $16 = $1500 x 0.04 x Time

    $16 = 60 x Time

    Time = 16/60

    time = 0.2666 year.

    time in days = 0.26666 x 365 days

    =97.333 days

    =97 days
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