Question 1109420: Li-ming received a statement on her certificate of deposit showing that her investment had returned $1,665 over it's life. If the certificate of deposit pays a simple interest rate of 3.7% and her initial investment was $10,000, how long had the money been invested?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Li-ming received a statement on her certificate of deposit showing that her investment had returned $1,665 over it's life. If the certificate of deposit pays a simple interest rate of 3.7% and her initial investment was $10,000, how long had the money been invested?
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I = P*r*t
l665 = 10000*0.037*t
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0.037t = 0.1665
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time = 4.5 years
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Cheers,
Stan H.
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