Susan deposits $1,200 in an account that earns 8% simple interest annually.

In how many months will Susan's account balance reach $1,344? (Use the simple interest formula I=prt, where I = interest, p = principal or amount borrowed, r = rate, and t = time in years.)

Question

Osvaldo Valencia

19 August, 02:09

+1

Answers (1)

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Veronica Long · Answer 1

Fourteen Months. So, a year and two months.

This was a challenging question if you don't have a calculator (which I didn't use)

Susan deposits $1,200 in an account that earns 8% simple interest annually.In how many months will Susan's account balance reach $1,344? (Use the simple interest formula I=prt, where I = interest, p = principal or amount borrowed, r = rate, and t = time in years.)