Question

Mr. Champion invests 34,000 into a money-market fund that pays 4.8% simple interest. How long will it take for him to earn $8,160 in simple interest?

Pls show all work

Answer 1

5 years

Explanation:

Step one:

Given Information

Principal= $34,000

rate = 4.8%

SImple interest = $8,160

Required

The time T of the investment

Step two:

the expression for simple interest is

`SI= PRT/100`

substitute

`8160 = 34000*4.8*T/100`

cross multiply we have

`8160*100= 34000*4.8*T\\\\816000= 163200T\\\\`

divide both sides by 163200

`816000/163200= T\\\\T= 5 years`