How long must $542 be invested at a rate of 7% to earn $303.52 in interest
1 answer:
The number of years that must be invested at a rate of 7 % to earn$ 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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