Question

Frank invests $1,000 in simple interest investment account that pays 8% a year. After a number of years, he withdraws his balance of $2,200. Using the formula I = P r t, how many years was his money invested?

Answer 1

The Answer is: 15 years

Explanation:

Hope this helps

Answer 2

The number of years is 15 years

Explanation:

Given;

Principal amount invested, P = $1,000

rate, r = 8 % = 0.08

Amount at the end of the investment period, A = $2,200

interest on the investment, I = Amount - Principal

I = A - P

I = $2,200 - $1,000

I = $1,200

Using the formula I = P r t

t = I / pr

t = (1200) / (1000 x 0.08)

t = 15 years

Therefore, the number of years is 15 years