Question

8es to this answer. uestion 1 Question You invest $650 at 3% Simple Interest and it grows to $746.83. How long did it take? Carry answers to Years, Months, Days-assume 30 days in a month. 1 points 4 Years 11 Months 18 Days AMoving to the next question prevents changes to this answer. Question 1 of 4 : Documents» 204 AM prt sc pause break 10 11 sysra / X 7 5 P U Y T R K H G M B C V

please asap

Answer 1

Maturity amount using simple inerest method = Principal invested x (1+ (Interest rate x Number of years of deposit)) ->1+(Interest rate x Number of years of deposit) Maturity amount using simple inerest method Principal invested -> Interest rate x Number of years of deposit (Maturity amount using simple inerest method / Principal invested) 1 ->Number of years of deposit [(Maturity amount using simple inerest method / Principal invested) - 1]/ Interest rate $746.83 Maturity amount using simple inerest method $650 Principal invested 3% Interest rate 4.97 {[($746.83 $650) - 1] 3% Number of years of deposit 4 years +0.97 years; 4.97 years -»11 months 0.59 months; 11.59 months; Here, 0.97 years 0.97 x 12 = Again, 0.59 months 0.59 x 30 18 days. Therefore, Time to maturity 4 years 11 months +18 days