Question

How long would you need to earn interest on $350 invested at 5.5% in order to earn $154 in interest

Answer 1

Answer:

8 years.

Step-by-step explanation:

The simple interest formula is principal × rate (as a decimal) × time = interest. In this question, you want to find the time.

First, plug in your numbers. 350 × .055 × t = 154. Then, to find t, divide to get t one side.

t = 154 / 350 × .055

Then solve.

350 × .055 is 19.25. 154 / 19.25 is 8.

So, your answer is 8 years.

154/350*.055 = t