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

Verified Answer :

swatirajsmart

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:

Time = 3 years.

Step-by-step 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=\(\frac{S.I}{PXR}\)

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

Substituting these values in the formula :

T=\(\frac{302.25}{1550x0.065}=3\)

Time = 3 years.


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