Question

taylor has just won $4250 from the 50/50 at the sea dogs game and decides to invest it all. if he makes $1275 with a 5% interest rate, how long must he have had the money

Answer 1

He had the money invested for 6 years.

Explanation:

just got my paper graded

Answer 2

`t=6\ years`

Explanation:

we know that

The simple interest formula is equal to

`I=P(rt)`

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

in this problem we have

`t=?\ years\\ P=\$4,250\\I=\$1,275\\r=5\%=5/100=0.05`

substitute in the formula above

`1,275=4,250(0.05t)`

`0.3=(0.05t)`

`t=0.3/(0.05)`

`t=6\ years`