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Eliza deposits $8500 in a college fund. If the fund earns an annual simple interest rate of 6.5%, how long must the money be in the fund to earn $9392.50 in interest?
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Eliza deposits $8500 in a college fund. If the fund earns an annual simple

interest rate of 6.5%, how long must the money be in the fund to earn
$9392.50 in interest?

User Redeemefy
by
9.0k points

1 Answer

5 votes
2. Eliza - 17 years.
$8500 x 6.5% = $552.50 for 1 year
$9,392.50/ $552.50 = 17 years.
User Sufia
by
8.2k points
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