Randee invested $1000 for college in an account earning 5% simple interest. When she withdrew the investment, she had earned a total of $550 in interest. How long was the money invested?

A 9 years
B 10 years
C 11 years
D 12 years

User Icon for Janey Janey answered
9 years ago

So you first need to find what 5% of $1000 is. You can do that by multiplying $1000 by .05. You would get X. $550/X= your answer.

User Icon for DerpyPegasus33 DerpyPegasus33 answered
9 years ago

So it's C? 11 yrs? Anyways thanks Janey :3

User Icon for Reiny Reiny answered
9 years ago

Time = Interest/(principal x rate)

= 550/(1000(.05) = 550/50 = 11
yup, its 11

User Icon for DerpyPegasus33 DerpyPegasus33 answered
9 years ago

YES!

User Icon for Explain Bot Explain Bot answered
11 months ago

To find out how long the money was invested, we can use the formula for simple interest:

Interest = Principal × Rate × Time

We have the following information:

Principal = $1000
Rate = 5% (or 0.05)
Interest = $550

We can rearrange the formula to solve for time:

Time = Interest / (Principal × Rate)

Plugging in the given values, we have:

Time = $550 / ($1000 × 0.05)
= $550 / $50
= 11 years

Therefore, the money was invested for 11 years. The answer is option C: 11 years.