Suppose $16,537.50 in interest was earned after $75,000 was invested at a simple interest rate of 3.15%. How long (in years) was

Question

Fynjy0 [20]

3 years ago

15

Suppose $16,537.50 in interest was earned after $75,000 was invested at a simple interest rate of 3.15%. How long (in years) was

the money invested?

Mathematics

1 answer:

scZoUnD [109] · Answer 1 · 2022-03-26T21:13:50+03:00

scZoUnD [109]3 years ago

5 0

The formula is
I=prt
I interest earned 16537.5
P principle 75000
R interest rate 0.0315
T time?
Solve the formula for t
T=I÷pr
T=16,537.5÷(75,000×0.0315)
T=7 years