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  • 15-02-2017
  • Mathematics
Answered

Eliza deposits $8500 in a college fund. If the fund earns an annual simple

interest rate of 6.5%, how long must the money be in the fund to earn

$9392.50 in interest?

Verified Answer :

xAnimeZ
xAnimeZ xAnimeZ
  • 18-02-2017
  1. Eliza - 17 years.
    $8500 x 6.5% = $552.50 for 1 year
    $9,392.50/ $552.50 = 17 years.
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