Question

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.)

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)