SOLUTION: Suppose you have $2150 in your savings account at the end of a certain period of time. You invested $1600 at a 4.18% simple annual interest rate. How long, in years, was your money

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Question 1188580: Suppose you have $2150 in your savings account at the end of a certain period of time. You invested $1600 at a 4.18% simple annual interest rate. How long, in years, was your money invested?
Answer by ikleyn(52815) About Me  (Show Source):
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Suppose you have $2150 in your savings account at the end of a certain period of time.
You invested $1600 at a 4.18% simple annual interest rate. How long, in years, was your money invested?
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    2150 = 1600*(1 + 0.0418*t)


    2150%2F1600 = 1 + 0.0418t


    1.34375 = 1 + 0.0418*t


    0.34375 = 0.0418t


    t = 0.34375%2F0.0418 = 8.224  years.    ANSWER

Solved.