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Suppose you have $1500 in your savings account at the end of a certain period of time. You invested $1000 at a 2.71% simple annual interest rate. How long, in years, was your money invested? State your result to the nearest hundredth of a year.

Respuesta :

adioabiola

The time taken in years for money invested to accumulate to $1500 is 18.45 years

Simple interest

  • Principal = $1000
  • Interest rate = 2.71% = 0.0271
  • t = ?

Simple interest = Total savings - principal

= 1500 - 1000

= $500

Simple interest = principal × rate × time

500 = 1000 × 0.0271 × t

500 = 27.1 × t

500 = 27.1t

t = 18.4501845018450

Approximately,

t = 18.45 years

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