If $3840 is deposited into a bank account at a 5% interest rate how long will it take the account to make $960 in interest?

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06-06-2022
Mathematics

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If $3840 is deposited into a bank account at a 5% interest rate how long will it take the account to make $960 in interest?

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Jdoe0001idn Jdoe0001idn · Answer 1 · 2022-06-06T16:14:27-04:00

Jdoe0001idn Jdoe0001idn

06-06-2022

assuming is simple interest

[tex]~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$960\\ P=\textit{original amount deposited}\dotfill & \$3840\\ r=rate\to 5\%\to \frac{5}{100}\dotfill &0.05\\ t=years \end{cases} \\\\\\ 960 = (3840)(0.05)(t)\implies \cfrac{960}{(3840)(0.05)}=t\implies 5=t[/tex]

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