If Sonja deposits $1,000 into a savings account at 4% simple interest, how long will it take her to earn $100 in interest? (I=PRT)
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The time for which she deposits $1000 into a savings account at 4% simple interest.
ANSWER :
The formula for simple interest is
I=P\times R\times TI=P×R×T
On substituting P=1000, R=0.04 and I=100 in the above formula, we get
100=1000\times 0.04\times T100=1000×0.04×T
100=40T100=40T
Divide both sides by 40.
100 / 40 =T
40 . 100 =T
Answer 2.5 = T
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