Question

A principle of $20,000 is invested at $6.25 and earns $10,000 simple interest how long has the money been invested

Answer 1

1600

Explanation:

Assuming $6.25 is the interest earned annually,

Let n be the no. of years

Then,

6.25 × n = 10000

n = 10000/6.25

n = 1600