Question

Frank invests $1,000 in simple interest investment account that pays 8% a year. After a number of years, he withdraws his balance 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

Answer 1

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

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

Find the interest I

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

substitute in the formula above

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

Solve for t

$t=1.2/0.08=15\ years$

Answer 2

Answer:

15

Step-by-step explanation: