How many days will it take for a sum of $1100 to earn $8 interest if it is deposited in a bank paying simple interest at the rate of 4%/year?

Question

How many days will it take for a sum of $1100 to earn $8 interest if it is deposited in a bank paying simple interest at the rate of 4%/year? (Use a 365-day year. Round your answer up to the nearest full day.)

Answer 1

Well in 365 days the bank pays 8% of 1100 = $ 88 interest

So in 1 day bank pays $ 88/365

So we need to divide 8 by this. 8 / (88/365) = (8 x 365) / 88 = 33.18, so 34 days