Question

Given the formula l = prt, where l = interest earned, P is the principal invested and r is the interest rate. If $245 is the principle invested at an interest rate of 3%, and Paul earned 69.80 interest, how long, t, (in years) was the money invested for?

Answer 1

t= 9.49 years which can be estimated to 9 years

Explanation:

Given the formula l = prt,

Where P is the principal=$245

r is the interest rate.=3%,

l = interest earned=$69.80

l = prt

Therefore time, t= I/ pr

t= 69.80/ 245 x 3%

t=69.80/ 245 x 0.03

t= 9.49 years which can be estimated to 9 years