Suppose you have 1600 in your savings account at the end of a certain period of time. You invested 1500 at a 5.12% simple annual interest rate. How long, in years, was your money invested?

Solution

Solution

Time : 1.3

Solution steps

Translate the problem into an equation:

1600 = 1500 (1 + 0.0512 t)

Solve for

t, 1600 = 1500 (1 + 0.0512 t) : t = 1.3

Time : 1.3

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