SOLUTION: Suppose you have $2150 in your savings account at the end of a certain period of time. You invested $1600 at a 4.18% simple annual interest rate. How long, in years, was your money

Question 1188580: Suppose you have $2150 in your savings account at the end of a certain period of time. You invested $1600 at a 4.18% simple annual interest rate. How long, in years, was your money invested?
Answer by ikleyn(52817) (Show Source): You can put this solution on YOUR website!
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Suppose you have $2150 in your savings account at the end of a certain period of time.
You invested $1600 at a 4.18% simple annual interest rate. How long, in years, was your money invested?
~~~~~~~~~~~~~~~~~~~~~~~~~

    2150 = 1600*(1 + 0.0418*t)


     = 1 + 0.0418t


    1.34375 = 1 + 0.0418*t


    0.34375 = 0.0418t


    t =  = 8.224  years.    ANSWER

Solved.

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