jazminefennerfarran jazminefennerfarran
  • 03-01-2020
  • Mathematics
contestada

If you received $175.84 on $314 invested at a rate of 7%, for how long did you invest the principle?

Respuesta :

frika
frika frika
  • 09-01-2020

Answer:

8 years

Step-by-step explanation:

Use formula

[tex]I=P\cdot r\cdot t,[/tex]

where

I = interest

P = principal

r = rate (as decimal)

t = time

In your case,

I = $175.84

P = $314

r = 0.07, then

[tex]175.84=314\cdot 0.07\cdot t\\ \\175.84=21.98t\\ \\t=\dfrac{175.84}{21.98}\\ \\t=8[/tex]

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