Question

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?

Answer 1

2. Eliza - 17 years.
$8500 x 6.5% = $552.50 for 1 year
$9,392.50/ $552.50 = 17 years.