How many days will it take for $1400 to earn $12 interest if it is deposited in a bank paying simple interest at the rate of 6%/year? Interest, Money and Business

Question

How many days will it take for $1400 to earn $12 interest if it is deposited in a bank paying simple interest at the rate of 6%/year? (Use a 365-day year. Round your answer up to the nearest full day.)

___ days

Thanks in advance!

Answer 1

12 = 1400 * 0.06 * T

12 = 1400 * 6 / 100 * t

12 = 14*6 * t

12 = 84*t

1/7 = t

1/7 year = 52 days 3 hours 25 minutes 43 seconds