Question

Frank invests $1,000 in simple interest investment account that pays 8% a year. After a number of years, he withdraws his balance of $2,200. Using the formula mc006-1.jpg, how many years was his money invested?

Answer 1

Time = 27.5 years

Explanation:

Principal = $1000

Rate of interest = 8%

= 0.08

Simple Interest = $2200

To find the number of years he has invested his money, we will use the following formula :

Simple Interest = Principal × Rate × Time

⇒ 2200 = 1000 × 0.08 × Time

⇒ Time × 80 = 2200

⇒ Time = 27.5 years

Answer 2

For the answer to the question above asking how many years was his money invested? The for the answer above is simple, it is I = Prt
1200 = 1000 * 0.08 * t 1200 = 80t
the answer is 15 years.
I hope my answer helped you. Have a nice day!