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3 March, 07:48

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?

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Answers (2)
  1. 3 March, 07:52
    0
    8500 + 6.5y y=year

    8500 + 6.5y = 9392.50

    -8500 - 8500

    6.5y/6.5 = 892.5/6.5

    y = 137.3076923 < - - This many
  2. 3 March, 07:58
    0
    2. Eliza - 17 years.

    $8500 x 6.5% = $552.50 for 1 year

    $9,392.50 / $552.50 = 17 years.
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