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Ron earned 13200 in interest on an account with a principal amount of 24000 and an interest rate of 11%. How long were the funds in the account?

Respuesta :

mhanifa

Answer:

  • 5 years

Step-by-step explanation:

It is assumed the interest is simple.

Use the interest formula:

  • I = Prt

We have:

  • I = 13200
  • P = 24000
  • r = 11% = 0.11

Substitute values and solve for t:

  • 13200 = 24000*0.11t
  • 13200 = 2640t
  • t = 13200/2640
  • t = 5 years
MisterBrainly
  • I=PRT/100
  • T=100I/PR
  • T=100(13200)/24000(11)
  • T=10(132)/24(11)
  • T=5years

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