Question

Suppose you have $1700 in your savings account at the end of a certain period of time. You invested $1400 at a 2.25% simple annual interest rate. How long, in years, your money invested?

Answer 1

The money was invested for 9.5 years.

What is Interest?

Interest is the amount of money earned or the amount of money that has to be paid when a certain amount of money is invested or a certain amount of money is borrowed.

The money invested is $1400.

The money received after a certain period of time is $1700

The rate of interest is 2.25%.

The time period has to be determined.

The formula that has to be used to determine the time period is as follows:

A = P [ 1 + RT/100]

1700 = 1400 [ 1 + (2.25 * T/100) ]

1700 = 1400 + ( 1400 * 2.25 * T) / 100

300 = 1400 * 2.25 *T / 100

30000 = 1400 * 2.25 * T

T = 30000  / ( 1400 *2.25)

T = 30000 * 100 / (1400 * 225)

T = 200/21

T = 9.5 years.

So, the time period of the investment is 9.5 years.

To know more about Interest

brainly.com/question/13324776

#SPJ1