Question

If you received $175.84 on $314 invested at a rate of 7%, for how long did you invest the principle?

Answer 1

Answer:

8 years

Step-by-step explanation:

Use formula

$I=P\cdot r\cdot t,$

where

I = interest

P = principal

r = rate (as decimal)

t = time

In your case,

I = $175.84

P = $314

r = 0.07, then

$175.84=314\cdot 0.07\cdot t\\ \\175.84=21.98t\\ \\t=\dfrac{175.84}{21.98}\\ \\t=8$