SOLUTION: The simple interest I on an investment of P dollars at an interest rate r for t years is given by I=Prt. Find the time it would take to earn $1800 in interest on an investment of $
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Question 733906: The simple interest I on an investment of P dollars at an interest rate r for t years is given by I=Prt. Find the time it would take to earn $1800 in interest on an investment of $25000 at a rate of 6.2%.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
1800=25000*0.062t
1800=1550t
1800/1550=t
t=1.16 yrs
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