SOLUTION: Wesley invested $6500 in a mutual fund at a yearly rate of 3 3/4%. if he has earned $975 in interest, how long has the money been invested?
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-> SOLUTION: Wesley invested $6500 in a mutual fund at a yearly rate of 3 3/4%. if he has earned $975 in interest, how long has the money been invested?
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Question 828124: Wesley invested $6500 in a mutual fund at a yearly rate of 3 3/4%. if he has earned $975 in interest, how long has the money been invested? Answer by mananth(16946) (Show Source):
where P is the principal,
r is the annual interest rate,
and t is the number of years .
P=6500
r=3 3/4%=3.75% =0.0375
I=975
Substituting into the formula,
975 = 6500*3.75%t
Solving the equation for t, we obtain:
975 = 6500*0.0375*t
