Question

Morgan has an investment worth $177,500. If his original investment was $50,000 and he received a 15% interest rate, how many years did he invest this money for?

Answer 1

Morgan invested for 17 years

Solution:

From given,

Principal = $ 50, 000

Total amount = $ 177, 500

Rate of interest = 15 %

Number of years = ?

Interest amount = Total amount - principal

Interest amount = 177, 500 - 50, 000

Interest amount = 127500

Use the formula,

$Interest = \frac{p \times n \times r}{100}\\\\127500 = \frac{ 50000 \times n \times 15}{100}\\\\127500 = 500 \times 15 \times n\\\\75n = 1275\\\\n = 17$

Thus he invested for 17 years