Question

Frank invests $1,000 in simple interest investment account that pays 8% a year. After a number of years, he withdraws his balance of $2,200. Using the formula I = P r t, how many years was his money invested? 2. 75 years 10 years 15 years 27. 5 years.

Answer 1

There are 15 years was his money invested.

What is simple interset?

Simple Interest is an easy method of calculating the interest for a loan/principal amount.

Given

Frank invests $1,000 in simple interest investment account that pays 8% a year.

After a number of years, he withdraws his balance of $2,200.

The number of years was his money inversted is;

$\rm I= P\times r \times t$

Where p is the principal amount, r is the rate of interest, I is the amount and  t is the time.

Substitute all the values in the formula;

$\rm I= P\times r \times t\\\\2200-1000= 1000 \times .08 \times t\\\\1200 = 80t\\\\t = \dfrac{1200}{80}\\\\t=15$

Hence, in the 15 years was his money invested.

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