Question

If $3840 is deposited into a bank account at a 5% interest rate how long will it take the account to make $960 in interest?

Answer 1

assuming is simple interest

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$960\\ P=\textit{original amount deposited}\dotfill & \$3840\\ r=rate\to 5\%\to (5)/(100)\dotfill &0.05\\ t=years \end{cases} \\\\\\ 960 = (3840)(0.05)(t)\implies \cfrac{960}{(3840)(0.05)}=t\implies 5=t`