Question

4. Heidi opens a savings account and deposits € 1,500. The bank pays interest on your credit 3.2%. At the end of the year, Heidi receives € 30 interest. When did she open the account? I just wanted to know how to do that.​

Answer 1

0.625 years = 7.5 months

Explanation:

Simple interest formula = rxtxp divided by 100

R x T x P / 100 = 30

Substitute all the values we know

3.2 x T x 1500/100 = 30

Simplify and rearrange =

3.2 x T x 1500 = 3000

3.2 x T = 2

T = 2/3.2

T = 0.625