Question

Avery invested $6000 in a simple interest bearing account at a yearly rate of 3% . he earned $900 interest. for how many years was the money invested ?

a) 4
B)5
c)8
d)10

Answer 1

B) 5

Explanation:

$6000 × 0.03 = $180 - this means that every year, $180 is added to the invested amount.

We can now do $900 ÷ $180 to find out the number of years the money was invested for: $900 ÷ $180 = 5

The money was invested for 5 years

Hope this helps!