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Mr. Champion invests 34,000 into a money-market fund that pays 4.8% simple interest. How long will it take for him to earn $8,160 in simple interest?

Pls show all work

Respuesta :

samuelonum1

Answer:

5 years

Step-by-step explanation:

Step one:

Given Information

Principal= $34,000

rate = 4.8%

SImple interest = $8,160

Required

The time T of the investment

Step two:

the expression for simple interest is

[tex]SI= PRT/100[/tex]

substitute

[tex]8160 = 34000*4.8*T/100[/tex]

cross multiply we have

[tex]8160*100= 34000*4.8*T\\\\816000= 163200T\\\\[/tex]

divide both sides by 163200

[tex]816000/163200= T\\\\T= 5 years[/tex]

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