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27 September, 21:20

Suppose $16,537.50 in interest was earned after $75,000 was invested at a simple interest rate of 3.15%. How long (in years) was the money invested?

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  1. 27 September, 21:41
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    The formula is

    I=prt

    I interest earned 16537.5

    P principle 75000

    R interest rate 0.0315

    T time?

    Solve the formula for t

    T=I:pr

    T=16,537.5: (75,000*0.0315)

    T=7 years
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