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Suppose $7,558.20 in interest was earned after $12,350 was invested at a simple interest rate of 7.65%. How long (in years) was the money invested?
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Suppose $7,558.20 in interest was earned after $12,350 was invested at a simple interest rate of 7.65%. How long (in years) was the money invested?

User Ananke Leda
by
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1 Answer

3 votes
The formula is
I=prt
I interest earned 7558.20
P principle 12350
R interest rate 0.0765
T time?
Solve the formula for t by dividing both sides by pr to get
T=I/pr
T=7,558.20÷(12,350×0.0765)
T=8 years

Hope it helps!
User Rgksugan
by
8.7k points
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