Question

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?

Answer 1

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!

Answer 2

`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