Question

An investment of $1800 earned $60.75 at a simple-interest rate of 4.5% per year. For how long was the investment held? Question 1 options: a) Nine years b) Three years c) Three months d) Nine months

Answer 1

D. Nine months

Explanation:

Simple interest=principal×rate×time

Principal=$1800

Rate=4.5%

Time=?

Interest=$60.75

Simple interest=principal×rate×time

60.75=1800×4.5×t/100

60.75=8100t/100

60.75=81t

t=60.75/81

t=0.75 year

0.75 years=9 months