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Mrs. Mashell is opening a college savings account for her daughter Janese. She deposited $4,000 into the account at a simple interest rate of 5% earned annually. How long will it take Mrs. Mashell to earn $1,200 in interest?

Sagot :

Answer:

6

Step-by-step explanation:

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

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