SOLUTION: The simple interest earned by a certain amount of money varies jointly as the rate of interest and the time (in years) that the money is invested. If the money is invested at 11% f
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Question 861609: The simple interest earned by a certain amount of money varies jointly as the rate of interest and the time (in years) that the money is invested. If the money is invested at 11% for 2 years, $440 is earned. How much is earned if the money is invested at 16% for 3 years Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! The simple interest earned by a certain amount of money varies jointly as the rate of interest and the time (in years) that the money is invested.
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i = krt
If the money is invested at 11% for 2 years, $440 is earned.
440 = k*0.11*2
k = 2000
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How much is earned if the money is invested at 16% for 3 years
i = 2000*rt
i = 2000*0.16*3
interest = 960
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Cheers,
Stan H.
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