Question

If you earned 892.50 after depositing 1400 at 4.25% simple interest, how long was it invested ? Using the simple interest formula, solve for t. Formula I=Prt

Answer 1

Time t = 15 years

Explanation:

Interest = 892.50

Principal = 1400

Rate = 4.25%

Time = unknown

But

interest I = Principal p * rate r * time t

Time t = interest I/(principal P * rate r)

Time t=( 892.50*100)/(1400*4.25)

Time t=89250/5950

Time t = 15 years