Asked by Pavan Varma on Sep 22, 2024
Verified
How many months would it take to earn $1,650 interest on a deposit of $44,000 at 7 ½%?
A) 4.5 months
B) 12 months
C) 6 months
D) 5 months
E) ½ month
Months
Units of time in calendars that approximately correspond to the period of the Earth moving in its orbit around the Sun, usually divided into 12 periods in a year.
Deposit
Money placed into a financial institution for safekeeping, which can earn interest depending on the account type.
- Assess the duration demanded to accomplish a certain quantity of interest accumulation.
Verified Answer
RS
Riddhi Sanghvi4 days ago
Final Answer :
C
Explanation :
To find the number of months it would take to earn $1,650 in interest on a $44,000 deposit at a 7.5% annual interest rate, we first calculate the annual interest: $44,000 * 7.5% = $3,300. Since $1,650 is half of the annual interest, it would take half a year or 6 months to earn that amount.
Learning Objectives
- Assess the duration demanded to accomplish a certain quantity of interest accumulation.