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Popular Word Problems >

How long does it take an account with a principal of 600 to earn 120 in interest at a simple annual interest rate of 4%?

Solution

Ho w l o n g d oes i t t ak e an a cco u n t w i t h a p r in c i p a l o f 600 t o e a r n 120 in in t eres t a t a s im pl e ann u a l in t eres t r a t e o f 4% ?

Solution

Time : 5

Solution steps

Translate the problem into an equation:

120 = 600 \cdot 0.04 t

Solve for

t, 120 = 600 \cdot 0.04 t : t = 5

Time : 5

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