Question

You invest $275 and a money market account that pays simple interest at a rate of 10% how long must you let leave your investment in the money market account if you expect to earn $27 and 50 Cent interest

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$ 27.50\\ P=\textit{original amount deposited}\dotfill & \$275\\ r=rate\to 10\%\to (10)/(100)\dotfill &0.1\\ t=years \end{cases} \\\\\\ 27.50 = (275)(0.1)(t) \implies \cfrac{27.50}{(275)(0.1)}=t\implies 1=t`