Frank invests $1,000 in simple interest investment account that pays 8% a year. After a number of years, he withdraws his balanc e of $2,200. Using the formula mc006-1.jpg, how many years was his money invested?
2 answers:
For the answer to the question above asking <span>how many years was his money invested? The for the answer above is simple, it is I = Prt </span>1200 = 1000 * 0.08 * t
<span>1200 = 80t the answer is 15 years. I hope my answer helped you. Have a nice day! </span>
Answer:
Time = 27.5 years
Step-by-step explanation:
Principal = $1000
Rate of interest = 8%
= 0.08
Simple Interest = $2200
To find the number of years he has invested his money, we will use the following formula :
Simple Interest = Principal × Rate × Time
⇒ 2200 = 1000 × 0.08 × Time
⇒ Time × 80 = 2200
⇒ Time = 27.5 years
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