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

calculation

by use of the formula A = P (1+ rt)
where : A is the final amount = 542 + 303.52 =$ 845.52

P is the principal money to be invested = $ 542

r= rate= 7/100=0.07

t= time required

=$ 845.52=$ 542( 1+ 0.07 t)

open the bracket
= $845.53= $542 + $37.94 t

like terms together

=$ 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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