jocekinn jocekinn

07-04-2017
Mathematics

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Don Tinsley lends $5,500 at a rate of 5.5%. Find how long it will take for his investment to earn $205 in interest. Round to the nearest day.

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Johannosmith1 Johannosmith1

07-04-2017

Well i would say 1 day then because he earns 302 dollars per day.

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apologiabiology apologiabiology

07-04-2017

if you mean simple interest
I=PRT
P=principle
R=rate
T=time in years

so I=205
205=5500 times 0.055 times t
205=302.5 times t
divide both sides by 302.5
0.67768595041322314049586776859504=t
year is 365 days
365 times 0.67768595041322314049586776859504=247.355
about 247 days

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