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anonymous
 5 years ago
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 365day year. Round your answer up to the nearest full day.)
anonymous
 5 years ago
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 365day year. Round your answer up to the nearest full day.)

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anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0How is it compounded?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0I will assume it is daily

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0yea that is what I am thinking

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.01100Principle(1+Rate/N)^(N)=24

gw2011
 5 years ago
Best ResponseYou've already chosen the best response.0I 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
 5 years ago
Best ResponseYou've already chosen the best response.0that is correct!!! thank you!!
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