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12 January, 10:56

Andrea opened a bank account for her daughter Hannah, with a deposit of $ 1,750. The account will earn 2% simple interest annually. How many months will it take her to earn interest in the amount of $245 on her deposit?

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  1. 12 January, 13:45
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    84 months

    Step-by-step explanation:

    I * 100 = P * R * T

    I = interest = $245

    P = principal = $1750

    R = rate = 2%

    T = time (in years) = ?

    245 * 100 = 1750 * 2 * T

    24500 = 3500T

    24500/3500 = T

    7 = T

    To convert the time to month:

    7 * 12 = 84 months
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