Question

How many days will it take for a sum of $1100 to earn $24 interest if it is deposited in a bank paying 6%/year? (Use a 365-day year. Round your answer up to the nearest full day.)

Answer 1

How is it compounded?

Answer 2

doesnt say

Answer 3

I will assume it is daily

Answer 4

yea that is what I am thinking

Answer 5

1100-Principle(1+Rate/N)^(N)=24

Answer 6

Try plugging in

Answer 7

ok thanks

Answer 8

I got an answer of 133 days. This is how I calculated it:

I=(P)(R)(T)
I=(1100)(0.06)(1)
I=$66

Since the interest asked for is $24, then this will be a fraction of one year. Therefore,
the following calculation is done:

(24/66)(365)=132.7 days=133 days rounded to the nearest day

Answer 9

that is correct!!! thank you!!

Answer 10

You're welcome.