interest problem

Question

How many days will it take for a sum of $1900 to earn $32 interest if it is deposited in a bank paying simple interest at the rate of 8% per year? (Use a 365-day year).

For this purpose only (not for your work or your exam), please round to the nearest "full day". Do not include the unit.

Answer 1

the simple interest formula here is

I = PRT

for this scenario that means taking

T = I / PR

T = 32 / (1900 * 0.08)

T = 0.2105 years

then since the problem is asking for the value in days i would multiply by 365 to convert over into days

T = 0.2105 * 365 = 76.83 ... which rounded up is 77

so it will take 77 days for a sum of $1900 to earn $32 in interest at a rate of 8% per year