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Sarah has $1200.If she invests her money at 4% interest,in how many years will she have $1440? show your work!!

 May 9, 2015

Best Answer 

 #1
avatar+129907 
+5

I'm assuming simple interest here

The interest we earn  is 1440 - 1200  =$240

So

I = Prt        Where P = 1200 and r = .04    {4%}

240  = 1200(.04)t   simplify

240 = 48t     divide both sides by 48

240/48 = t = 5 years 

 

 

  

 May 9, 2015
 #1
avatar+129907 
+5
Best Answer

I'm assuming simple interest here

The interest we earn  is 1440 - 1200  =$240

So

I = Prt        Where P = 1200 and r = .04    {4%}

240  = 1200(.04)t   simplify

240 = 48t     divide both sides by 48

240/48 = t = 5 years 

 

 

  

CPhill May 9, 2015

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