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goldfiish [28.3K]
3 years ago
13

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 l=prt, how many years was his money invested? 2.75 years 10 years 15 years 27.5 years
Mathematics
2 answers:
IceJOKER [234]3 years ago
6 0

Answer:

15\ years

Step-by-step explanation:

we know that

The simple interest formula is equal to

I=P(rt)

where

A is the Final Investment Value

I is the amount of money in Interest  

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

t=?\ years\\ P=\$1,000\\ A=\$2,200\\r=0.08

<em>Find the interest I</em>

I=A-P=\$2,200-\$1,000=\$1,200

substitute in the formula above

\$1,200=\$1,000(0.08t)

Solve for t

t=1.2/0.08=15\ years

andre [41]3 years ago
5 0

Answer:

15

Step-by-step explanation:

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