SOLUTION: Suppose you have $2350 in your savings account at the end of a certain period of time. You invested $1900 at a 7.94% simple annual interest rate. How long, in years, was your money
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-> SOLUTION: Suppose you have $2350 in your savings account at the end of a certain period of time. You invested $1900 at a 7.94% simple annual interest rate. How long, in years, was your money
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Question 1137953: Suppose you have $2350 in your savings account at the end of a certain period of time. You invested $1900 at a 7.94% simple annual interest rate. How long, in years, was your money invested? Answer by VFBundy(438) (Show Source):
You can put this solution on YOUR website! If you have $2350 in your savings account, that means you have accumulated $450 interest. ($2350, minus investment of $1900, equals $450.)
Interest = Principal * Rate * Time (in years)
450 = 1900 * 0.0794 * Time
450 = 150.86 * Time
2.98290 = Time
So, the money was invested for approximately 3 years.
