miangel1568 miangel1568

22-05-2021
Mathematics

contestada

Ron earned 13200 in interest on an account with a principal amount of 24000 and an interest rate of 11%. How long were the funds in the account?

Respuesta :

mhanifa mhanifa

22-05-2021

Answer:

5 years

Step-by-step explanation:

It is assumed the interest is simple.

Use the interest formula:

I = Prt

We have:

I = 13200
P = 24000
r = 11% = 0.11

Substitute values and solve for t:

13200 = 24000*0.11t
13200 = 2640t
t = 13200/2640
t = 5 years

Answer Link

MisterBrainly MisterBrainly

05-08-2022

I=PRT/100
T=100I/PR
T=100(13200)/24000(11)
T=10(132)/24(11)
T=5years

Answer Link

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