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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 365-day year. Round your answer up to the nearest full day.)

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  1. anonymous
    • 5 years ago
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    How is it compounded?

  2. anonymous
    • 5 years ago
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    doesnt say

  3. anonymous
    • 5 years ago
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    I will assume it is daily

  4. anonymous
    • 5 years ago
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    yea that is what I am thinking

  5. anonymous
    • 5 years ago
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    1100-Principle(1+Rate/N)^(N)=24

  6. anonymous
    • 5 years ago
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    Try plugging in

  7. anonymous
    • 5 years ago
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    ok thanks

  8. gw2011
    • 5 years ago
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    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

  9. anonymous
    • 5 years ago
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    that is correct!!! thank you!!

  10. gw2011
    • 5 years ago
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    You're welcome.

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