SOLUTION: Suppose you have $1600 in your savings account at the end of a certain period of time. You invested $1200 at a 7.61% simple annual interest rate. How long, in years, your money inv

Question 1063256: Suppose you have $1600 in your savings account at the end of a certain period of time. You invested $1200 at a 7.61% simple annual interest rate. How long, in years, your money invested?

Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
A = P(1+rt)
1600 = 1200(1+0.0761*t) on the right distribute the 1200:
1600 = 1200+1200*(0.0761)*t
1600 = 1200+91.32t flip the equation to get the unknown t on the left
1200+91.32t = 1600
91.32t = 400
t = 400/91.32
t = 4.38 years
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