Question

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

Answer 1

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.

Answer 2

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

Answer 3

Time = Interest/(principal x rate)
= 550/(1000(.05) = 550/50 = 11
yup, its 11

Answer 4

YES!