SOLUTION: A principle of $5000 was invested in a time-deposit account paying 9% annual interest. If the amount in the account at the end of a certain period was $7250,for how long was the mo

Question 845499: A principle of $5000 was invested in a time-deposit account paying 9% annual interest. If the amount in the account at the end of a certain period was $7250,for how long was the money invested?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,

re reply: Yes, Simple interest account

a time-deposit account is a  Simple interest account:  I = Prt

.09*5000 = $450 Interest per year

    I = 7250 - 5000 = $2250  and  

 t = $2250/$450 = 5 years

    

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