Question 1181745

Suppose you have $2500 in your savings account at the end of a certain period of time. You invested $1700 at 6.75% simple annual interest rate. How long in years was your money invested? (State your result to the nearest hundredth of a year.)
<pre>SI accumulated/Future Value formula: A = P(1 + TR)
2,500 = 1,700(1 + .0675T) ------ Substituting 2,500 for A, 1,700 for P, and .0675 (6.75%) for R
{{{matrix(2,3, 25/17, "=", 1 + .0675T, 25/17 - 1, "=", .0675T)}}}
Time, or {{{highlight_green(matrix(1,8, T, "=", (25/17 - 1)/.0675, "=", "6.97167756,", or, 6.97, years))}}}
Your answer though should be rounded to the NEXT whole number, or to 7, making it 7 FULL YEARS, since interest rate is ANNUAL.