SOLUTION: Suppose you have $2500 in your savings account at the end of a certain period of time. You invested $1700 at 6.75% simple annual interest rate. How long in years was your money inv

Question 1181745: Suppose you have $2500 in your savings account at the end of a certain period of time. You invested $1700 at 6.75% simple annual interest rate. How long in years was your money invested? (State your result to the nearest hundredth of a year.)
Found 4 solutions by Solver92311, ikleyn, MathTherapy, greenestamps:
Answer by Solver92311(821)   (Show Source): You can put this solution on YOUR website!

Solve for

Hint: Divide both sides by 1700 and then take the log of both sides.

John

My calculator said it, I believe it, that settles it

From
I > Ø

Answer by ikleyn(52781)   (Show Source): You can put this solution on YOUR website!
.

            John misread the problem.

            I came to bring a correct solution.

We have simple interest rate, so our equation is 2500 = 1700*(1 + 0.0675*t). From the equation, t = = 6.972 years = 7 years (rounded). ANSWER

Solved.

Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

Suppose you have $2500 in your savings account at the end of a certain period of time. You invested $1700 at 6.75% simple annual interest rate. How long in years was your money invested? (State your result to the nearest hundredth of a year.)

SI accumulated/Future Value formula: A = P(1 + TR)
2,500 = 1,700(1 + .0675T) ------ Substituting 2,500 for A, 1,700 for P, and .0675 (6.75%) for R

Time, or
Your answer though should be rounded to the NEXT whole number, or to 7, making it 7 FULL YEARS, since interest rate is ANNUAL.
Answer by greenestamps(13200)   (Show Source): You can put this solution on YOUR website!

In case you were confused by the different response you have received....

Tutor @Solver92311 misread the problem as being compound interest instead of simple interest.

Tutor @ikleyn "came to bring the right answer" and showed the correct calculations; but somewhere her actual calculations went wrong.

Tutor @MathTherapy used the right calculation and shows the right answer.

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