If you earned 892.50 after depositing 1400 at 4.25% simple interest, how long was it invested ? Using the simple interest formul
a, solve for t. Formula I=Prt
1 answer:
Answer:
Time t = 15 years
Step-by-step explanation:
Interest = 892.50
Principal = 1400
Rate = 4.25%
Time = unknown
But
interest I = Principal p * rate r * time t
Time t = interest I/(principal P * rate r)
Time t=( 892.50*100)/(1400*4.25)
Time t=89250/5950
Time t = 15 years
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