Question

You deposit $4,000 in an account earning 5.5% simple interest. How long will it take for the balance of the account to be $4,770?

Answer 1

Step-by-step explanation:

SIMPLE INTEREST = P*R*T/100

here the principal amount is 4000 and total balance after adding interest is 4770. so total interest earned is 4770-4000= 770

as per above formula

770=4000*5.5*T/100

so

T=770*100/4000*5.5

=3.5

T=3.5