An bank client deposits some of her savings in a savings account bearing 3% annually of simple interest. The client deposits $500 and waits for interest to accumulate. How long will the client have to wait for the amount of interest to reach $60 ? Please show work!!!
4 consecutive questions posted in about 10 minutes without showing any effort or work on your part.
This does not fly here, since you clearly just want somebody to do an assignment for you.
Where are you running into difficulties?
e.g. this question is a very straightforward use of the simple interest formula
I'm using the compound interest calculator and answer I got was 71 months is this correct.
How did you get 71 months?
I = PRT
Why did you use a compound interest calculator when the problem states that this is simple interest?
I put in 500 as input principle the total 60 and the interest 3 did annually and it came out to be 71 what I'm I doin wrong? Using compound interest calculaor
Interest = principal * rate * time
60 = 500 * 0.03 * t
60 = 15t
60/15 = t
4 years = time
Why are you even using ANY calculator for this question
As Ms Sue told you, and you should know,
I = PRT
60 = 500(3/100)T
60 = 15T
T = 60/15 = 4 , and I didn't touch a calculator.