On what day will the amount of interest earned reach $5,000 if $250,000 was invested at an interest rate of 11% on June 23?
A) Mar. 8
B) Jul. 10
C) Aug. 29
D) Nov. 1
E) Dec. 18

Question

Quizplus · Accepted Answer

The amount of interest earned after t days is given by I = (250000 * 11 * t) / 36500. Setting this equal to 5000 and solving for t gives t = 146. Adding this to the start date of June 23 gives August 29.

On What Day Will the Amount of Interest Earned Reach