Originally Posted by
JadeKiara 2. After investing $6000 into a savings account paying 7% interest p.a., Ian received $6238. For how many days (correct to the nearest day) was the money invested?
I'm assuming it's Simple Interest, as 5.8 is the answer obtained by the teacher.
Thus, this would be the second solution:
I= 6238 - 6000
= 238.
238= 6000 x 0.08 x T / 100 This should be 6000 x 7 x T /100
238= 480 x T / 100
T=238 x 100 / 6000 x 7 Correct!
= 56.7 No. 0.566...
= 57
Therefore, the money was invested for 57 days.
Am I right?
Thanks again.