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- anonymous

How many days will it take for a sum of $1100 to earn $24 interest if it is deposited in a bank paying 6%/year? (Use a 365-day year. Round your answer up to the nearest full day.)

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- anonymous

- katieb

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- anonymous

How is it compounded?

- anonymous

doesnt say

- anonymous

I will assume it is daily

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- anonymous

yea that is what I am thinking

- anonymous

1100-Principle(1+Rate/N)^(N)=24

- anonymous

Try plugging in

- anonymous

ok thanks

- gw2011

I got an answer of 133 days. This is how I calculated it:
I=(P)(R)(T)
I=(1100)(0.06)(1)
I=$66
Since the interest asked for is $24, then this will be a fraction of one year. Therefore,
the following calculation is done:
(24/66)(365)=132.7 days=133 days rounded to the nearest day

- anonymous

that is correct!!! thank you!!

- gw2011

You're welcome.

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