anonymous
  • 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.)
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
How is it compounded?
anonymous
  • anonymous
doesnt say
anonymous
  • anonymous
I will assume it is daily

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anonymous
  • anonymous
yea that is what I am thinking
anonymous
  • anonymous
1100-Principle(1+Rate/N)^(N)=24
anonymous
  • anonymous
Try plugging in
anonymous
  • anonymous
ok thanks
gw2011
  • 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
  • anonymous
that is correct!!! thank you!!
gw2011
  • gw2011
You're welcome.

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