The amount of money returned as interest depends on the initial
amount, the interest rate and the number of years.
Response:
- The money has been invested for <u>9 years</u>
<h3>What is simple interest and how can the duration of investment be found?</h3>
Given:
The return on investment = $6,336
Amount the Certificate of Deposit pays = 4.4% simple interest
The initial investment (the principal), P= $16,000
Required:
The duration the initial amount of money had been invested.
Solution:
Interest = Principal × Rate × Time
Which gives;
Therefore;

- The duration the money had been invested = <u>9 years</u>
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