Question

Zac invests $3500 at 8% p.a. simple interest for a period of time, to produce $210 interest. For how long did he invest the money?

Please help me in the steps to finding the answer and also the solution. Thx

Answer 1

9 months

Explanation:

simple interest ( I) is calculated as

I =
`(PRT)/(100)`

P is the principal, R the rate of interest and T the time in years

Here I = 210, P = 3500 and R = 8, thus

210 =
`(3500(8)T)/(100)` = 35 × 8T = 280T ( divide both sides by 280 )

0.75 = T

Thus T = 0.75 years = 9 months

The money was invested for 9 months

Answer 2

9 months

Explanation:

investment= 3500

interest rate= 8% PA simple

time= x years

Interest= $210

---------------

• 3500*0.08*x=210
• 280x=210
• x=210/280=3/4 year

3/4 year= 3/4*12 month= 9 months