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ioda
3 years ago
11

How long must $542 be invested at a rate of 7% to earn $303.52 in interest

Chemistry
1 answer:
yulyashka [42]3 years ago
7 0

The number of years that must be invested at  a rate of 7 % to earn$ 303.52 in interest is

    8 years

 <em><u>calculation</u></em>

  • <em><u> </u></em><em>by use of  the formula       A = P (1+  rt) </em>
  • <em>  where :  A  is the final amount  =  542 + 303.52  =$ 845.52</em>

<em>                    P  is the principal   money to be invested =  $ 542</em>

<em>                        r= rate= 7/100=0.07</em>

<em>                       t=  time required</em>

<em>=$ 845.52=$ 542( 1+  0.07 t)</em>

  • <em>open the  bracket</em>
  • <em>= $845.53= $542 + $37.94  t</em>

  • <em>like terms  together</em>

    =$  845.53 -$542  = $37.94 t

   =$303.52 =$37.94 t

  • divide both  side by  $37.94

  =  $303.52/ $   37.94  =  $37.94t/$37.94

  t=  8 years

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