Question

How long, in days, would it take $2508 to become $2643 at a rate of 5.2% interest p.a.? Round your final answer UP to the next complete day. (For example, if you get 423.21 days, you would round UP to 424 days.)

Answer 1

It would take approximately 378 days for $2508 to become $2643 at a rate of 5.2% interest per annum, after rounding up to the next complete day.

Step-by-step explanation:

To calculate the time in days for $2508 to grow to $2643 at an annual interest rate of 5.2%, we can use the formula for simple interest: Interest = Principal × rate × time. First, we calculate the interest earned which is $2643 - $2508 = $135. Next, the simple interest formula can be rewritten to solve for time (t): t = Interest / (Principal × rate).

By plugging in the numbers: t = $135 / ($2508 × 0.052), we find t in years. To convert t to days, we multiply by 365 (t × 365).

Let's calculate: t = $135 / ($2508 × 0.052) = $135 / $130.416 = 1.035 years approximately. Now, converting to days: 1.035 × 365 = 377.75 days, rounded up to 378 days.

Therefore, it would take 378 days for $2508 to become $2643 at a rate of 5.2% interest p.a., when rounded up to the next complete day.