Question

Simon invested $1,550 at 6.5% simple interest. He earned $302.25 in interest after t years. What is the value of t?

Answer 1

Marco deposited $500 in a savings account earning 4% simple interest over 5 years.

What was the total amount of interest earned at the end of 5 years?

$40

$50

$100

$200

Explanation:

Answer 2

Here's the equation:
0.065t(1550) = 302.25
100.75t = 302.25
t = 3
3 years