document.write( "Question 1206995: Suppose you invested $1000 at a 7.1% simple annual interest rate. You have accumulated $1100 in your savings account at the end of a certain length of time. \r
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document.write( "How long, in years, was your money invested? \n" );
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Algebra.Com's Answer #844783 by mananth(16946)![]() ![]() You can put this solution on YOUR website! Suppose you invested $1000 at a 7.1% simple annual interest rate. You have accumulated $1100 in your savings account at the end of a certain length of time. \n" ); document.write( "How long, in years, was your money invested?\r \n" ); document.write( "\n" ); document.write( "Given\r \n" ); document.write( "\n" ); document.write( "Principal $ 1000\r \n" ); document.write( "\n" ); document.write( "rate of interest = 7.1%\r \n" ); document.write( "\n" ); document.write( "Amount = $1100\r \n" ); document.write( "\n" ); document.write( "Time(n) = years\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "Interest = Amount - Principal \n" ); document.write( "1100-1000= 100\r \n" ); document.write( "\n" ); document.write( "Simple interest formula\r \n" ); document.write( "\n" ); document.write( "SI = P*n*r\r \n" ); document.write( "\n" ); document.write( "100 = 1000 * n *0.071\r \n" ); document.write( "\n" ); document.write( "100/(1000*0.071) =n\r \n" ); document.write( "\n" ); document.write( "Number of years = 1.41 (rounded off)\r \n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \n" ); document.write( " |