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Popular Word Problems >

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

S u pp ose yo u ha v e 1600 in yo u r s a v in g s a cco u n t a t t h e e n d o f a cer t ain p er i o d o f t im e . Y o u in v es t e d 1500 a t a 5.12% s im pl e ann u a l in t eres t r a t e . Ho w l o n g, in ye a rs, w a s yo u r m o n ey in v es t e d ?

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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