Answer: About 5 months
Equation:
t = I / Pr
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 4%/100 = 0.04 per year,
then, solving our equation
t = 1.92 / ( 120 × 0.04 ) = 0.4
t = 0.4 years
The time required to
accumulate simple interest of $ 1.92
from a principal of $ 120.00
at an interest rate of 4% per year
is 0.4 years (about 0 years 5 months).
