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Suppose $16,537.50 in interest was earned after $75,000 was invested at a simple interest rate of 3.15%. How long (in years) was the money invested?
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Suppose $16,537.50 in interest was earned after $75,000 was invested at a simple interest rate of 3.15%. How long (in years) was the money invested?

User Daddywoodland
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2 Answers

4 votes

Answer:

7 Years

Explanation:

User Caleb Hillary
by
7.6k points
3 votes
The formula is
I=prt
I interest earned 16537.5
P principle 75000
R interest rate 0.0315
T time?
Solve the formula for t
T=I÷pr
T=16,537.5÷(75,000×0.0315)
T=7 years
User Sokol
by
8.0k points
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