Frank invests $1,000 in simple interest investment account that pays 8% a year. After a number of years, he withdraws his balanc
e of $2,200. Using the formula I = P r t, how many years was his money invested? Work backwards-but find the Interest first!
1 answer:
Answer:
15 years
Step-by-step explanation:
Given data
P=$1,000
R=8%
A= $2200
I= A-P
I=2200-1000
I=$1200
Applying the formula
I=PRT/100
1200=1000*8*T/100
cross multiply
1200*100= 8000T
120000= 8000T
divide both sides by 8000
T=120000/8000
T=15 years
Hence the time is 15 years
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