en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

697 interest is earned on a principal of 5,504 at a simple interest rate of 1.45% per year. For how many years was the principal invested? Round to the nearest year.

Solution

697 in t eres t i s e a r n e d o n a p r in c i p a l o f 5, 504 a t a s im pl e in t eres t r a t e o f 1.45% p er ye a r . F or h o w man y ye a rs w a s t h e p r in c i p a l in v es t e d ? R o u n d t o t h e n e a res t ye a r .

Solution

Time : 8.73

Solution steps

Translate the problem into an equation:

697 = 5504 \cdot 0.0145 t

Solve for

t, 697 = 5504 \cdot 0.0145 t : t = 8.73

Time : 8.73

Popular Examples

if you borrow 250 dollars for 6 years at an annual interest rate of 11% what is the total amount of money you will pay back?Hector is saving up money to buy a car. Hector puts 6,187.00 into an account which earns 5% interest, compounded quarterly. How much will he have in the account after 2 years?the quotient of two more than a number and five is eight If you mark up by 60% the price of a box of candy that costs 7.50 from the supplier, what is the selling price?Chris placed 7,400 in a savings account which compounds interest annually at a rate of 5.7% . How much will he have in the account after 4 years?