How many months would it take to earn $3,300 on a deposit of $84,000 at 9 ½%?
A) 4.14 months
B) 4.96 months
C) 11.2 months
D) 15.3 months
E) 25.4 months

Question

Quizplus · Accepted Answer

To find the answer, we can use the formula:

Simple Interest = (Principal x Rate x Time) / 100

Where:
Principal = $84,000
Rate = 9.5% = 0.095
Simple Interest = $3,300

Plugging in the values, we get:

$3,300 = (84,000 x 0.095 x Time) / 100

Solving for Time, we get:

Time = (3,300 x 100) / (84,000 x 0.095)
Time = 4.96 months

Therefore, it would take approximately 4.96 months to earn $3,300 on a deposit of $84,000 at 9 ½%. The best choice is B.

How Many Months Would It Take to Earn $3,300 on a Deposit