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27 August, 03:33

the simple interest x on an investment of p dollars at an interest rate r for t years is given by x = xrt. Find the time it would take to earn $900 in interest on an investment of $21,000 at a rate of 4.6%

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  1. 27 August, 05:05
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    t = 0.93 years

    (about 0 years 11 months)

    Step-by-step explanation:

    First, converting R percent to r a decimal

    r = R/100 = 4.6%/100 = 0.046 per year,

    then, solving our equation

    t = (1/0.046) ((21900/21000) - 1) = 0.93

    t = 0.93 years

    The time required to get a total amount, principal plus interest, of $21,900.00 from simple interest on a principal of $21,000.00 at an interest rate of 4.6% per year is 0.93 years (about 0 years 11 months).
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