Question

Nancy deposited $10,000 into a simple interest account, at an interest rate of 2.2%. She had

10,330 at the end of the time. How long did she have her money invested?

Answer 1

Answer: 1.5 years

This is equivalent to 18 months.

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Work Shown:

A = P*(1+r*t)

10330 = 10000*(1+0.022*t)

10330/10000 = 1+0.022*t

1.033 = 1+0.022*t

1.033-1 = 0.022*t

0.033 = 0.022*t

0.022*t = 0.033

t = 0.033/0.022

t = 1.5

She invested the money for 1.5 years

1.5 years = 1.5*12 = 18 months

or you could say

18 months = 12 months + 6 months = 1 year + 6 months