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Susan deposits $1,200 in an account that earns 8% simple interest annually. In how many months will Susan's account balance reach $1,344? (Use the simple interest formula I=prt, where I = interest, p = principal or amount borrowed, r = rate, and t = time in years.)

Respuesta :

You need to calculate the interest between the initial amount ($1200) and the final amount ($1344). The difference is $144, this is the interest that you need to gain. 


[tex] I = prt [/tex]

[tex] 144 = 1200 * 0.08 * t [/tex]


[tex] 144 = 96t [/tex] 

[tex] t = 1.5 years [/tex]

Convert 1.5 years into months

[tex] 1.5 years * 12 months/year = 18 months [/tex]

Hope you understand

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