Question

Simon invested $ 1,550 at 6.5 simple interest.He earned $302.25 in interest after t years. What is the value of t?

Answer 1

6.5% of 1,550 = 1,550 * .065 = 100.75 per year 100.75 * T years = 302.25 T = 302.25/100.75 = 3 years

ur answer is 3

Answer 2

Time = 3 years.

Explanation:

The simple interest can be calculated by the formula :

Simple Interest = PXTXR

Where = Principal

T= time .

R= rate of Interest.

The question is asking us to find time t.

T=
`(S.I)/(PXR)`

S.=-$302.25,P=$1,559 ,r=6.5%=0.065.

Substituting these values in the formula :

T=
`(302.25)/(1550x0.065)=3`

Time = 3 years.