Answered

Westonci.ca is your go-to source for answers, with a community ready to provide accurate and timely information. Discover detailed solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

Suppose you have $1750 in your savings account at the end of a certain period of time. You invested $1500 at a 3.72% simple annual interest rate. How long, in years, was your money invested?

Sagot :

coolstick

Answer:

4.48 years

Step-by-step explanation:

The formula for simple interest is

A = P(1+r*t), with A being the final amount, P being the initial amount, r being the interest rate, and t being the time. Plugging our values in, we get

1750 = 1500(1+0.0372 * t)

Note that 3.72 was translated into 0.0372 as changing percents to decimals requires dividing by 100

Expanding our equation, we get

1750 = 1500 + 55.8 * t

subtract 1500 from both sides to isolate the t and its coefficient

250 = 55.8 * t

divide both sides by 55.8 to get t

t = 4.48

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.