You put $474 into a savings account with an interest rate of 4% which earns $56.88 over a period of time. How long was the period of time?

2 Answers
Jan 9, 2018

Answer:

See the process steps below;

Explanation:

You can get the period of time which he acquired that given intrested with;

#I = (PRT)/100#

Where;

#I = "Interest" = $56.88#

#P = "Principal" = $474#

#R = "Rate" = 4%#

#T = "Period of Time" = ?yrs#

Making #T# the subject of formula..

#I = (PRT)/100#

#I/1 = (PRT)/100#

Cross multiplying..#

#100I = PRT#

Dividing both sides by #PR#

#(100I)/(PR) = (PRT)/(PR)#

#(100I)/(PR) = (cancel(PR)T)/cancel(PR)#

#(100I)/(PR) = T#

#:. T = (100I)/(PR)#

Now, substituting the parameters..

#T = (100 xx 56.88)/(474 xx 4#

#T = 5688/1896#

#T = 3yrs#

Hope this helps!

Jan 9, 2018

Answer:

#3# Years

Explanation:

Interest Earned for #1# Year #=474times4/100=18.96#

So to calculate Period of Time(i.e. No. of Years) we have to divide #56.88# by #18.96#

So we get #56.88/18.96=3# Years