To the nearest day, how long would it take for a $45,000 investment to earn $6,000 interest at 17.5%? 115 days You Answered 77 days 95 days 377 days Correct Answer 278 days
Question
To the nearest day, how long would it take for a 6,000 interest at 17.5%? 115 days You Answered 77 days 95 days 377 days Correct Answer 278 days
Solution
First, we need to understand that the interest earned is calculated using the formula:
Interest = Principal * Rate * Time
Where:
- Principal is the initial amount of money invested or loaned, which is $45,000 in this case.
- Rate is the annual interest rate, which is 17.5% or 0.175 in this case.
- Time is the length of time the money is invested or loaned, in years.
We are asked to find the time it would take for the investment to earn $6,000 interest. So, we can rearrange the formula to solve for Time:
Time = Interest / (Principal * Rate)
Substituting the given values into the formula:
Time = 45,000 * 0.175)
Solving the above equation will give us the time in years. To convert this to days, we multiply by 365 (since there are 365 days in a year).
Finally, we round to the nearest day to get our answer.
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