Question

Uta invests $345 into a simple interest investment account that pays interest at a rate of 9% a year. After several years, she withdraws her balance of $531.30. Using the formula l=Prt, how many years was her money invested? 4 years 5 years 6 years 7 years

Answer 1

the answer is six years

Answer 2

`6\ years`

Explanation:

we know that

The simple interest formula is equal to

`I=P(rt)`

where

I is the interest amount

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

in this problem we have

`t=?\ years\\ I=\$531.30-\$345=\$186.3\\ P=\$345\\r=0.09`

substitute in the formula above

`\$186.3=\$345(0.09t)`

`t=186.3/(345*0.09)=6\ years`