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Susan deposits $1,200 in an account that earns 8% simple interest annually.

In how many months will Susan's account balance reach $1,344? (Use...

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Susan deposits $1,200 in an account that earns 8% simple interest annually.

In how many months will Susan's account balance reach $1,344?
(Use the simple interest formula I=prt, where I = interest, p = principal or amount borrowed, r = rate, and t = time in years.)

Answer

Fourteen Months.
So, a year and two months.
This was a challenging question if you don't have a calculator (which I didn't use)

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Virtual Teaching Assistant: Colleen R.
Question Level: Basic
Karma: Free
Upload Date: 5/31/2017

This 47 words question was answered by Colleen R. on StudySoup on 5/31/2017. The question contains content related to Business Since its upload, it has received 105 views.

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