Question

Isaiah invested $3500 at a yearly rate of 6 %.

He earned $945 in interest.

How long was the money invested?

EXPLAINATION TOO PLEASE

Answer 1

4 1/2 years

Explanation:

T = 100 I /PR

Where

T = time

I = interest

P = principal

R = rate

Given

P = $3500

R = 6%

I = $945

T = ??

Therefore

T = 100 x 945 /3500 x 6

= 94500/21000

Cancel out zeros

= 945/210

Divide the numerator and denominator by 5

= 189/42

Divide both by 7

= 27/6

Divide by 3

= 9/2

= 4 1/2 years