Question

Frank invests $1,000 in simple interest investment account that pays 8% a year. After a number of years, he withdraws his balance of $2,200. Using the formula l=prt, how many years was his money invested? 2.75 years 10 years 15 years 27.5 years

Answer 1

15

Explanation:

Answer 2

`15\ years`

Explanation:

we know that

The simple interest formula is equal to

`I=P(rt)`

where

A is the Final Investment Value

I is the amount of money in Interest

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=\$1,000\\ A=\$2,200\\r=0.08`

Find the interest I

`I=A-P=\$2,200-\$1,000=\$1,200`

substitute in the formula above

`\$1,200=\$1,000(0.08t)`

Solve for t

`t=1.2/0.08=15\ years`