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22 September, 16:06

Mackenzie invested $3500 in a mutual fun at a yearly rate of 6%. She earned $945 in interest. For how long was the money invested?

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  1. 22 September, 16:26
    0
    I = p·r·t (Interest equals principal times rate times time)

    945 = 3500 ·.06 · t

    t = 945: (3500 ·.06)

    t = 4.5 years
  2. 22 September, 16:28
    0
    It would take her a total of 3 years to earn that amount provided that 9% of 3500 is 315, and $945 is the total. It would take her a total of 3 years.
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