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8 February, 08:38

Suppose Vicky deposits $19.00 into a savings account. The interest rate is 4% per year. Find the number of years it takes to earn $4.56 in simple interest. Enter your answer.

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  1. 8 February, 11:10
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    Step-by-step explanation:

    Simple Interest formula S. I = Principal * rate * time

    S. I = P * r * t

    In this case Simple interest; S. I = $4.56

    Principal; P = $19.00

    rate; r = 4% or 0.04 as a decimal

    t = total duration of investment in years.

    Next, plug in the numbers in the S. I formula and solve for t

    4.56 = 19 * 0.04 * t

    4.56 = 0.76t

    Divide both sides by 0.76;

    4.56 / 0.76 = t

    t = 6

    Therefore, it will take 6 years to earn a simple interest of $4.56
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