5 answers
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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
Janey
answered
9 years ago
9 years ago
DerpyPegasus33
answered
9 years ago
9 years ago
So it's C? 11 yrs? Anyways thanks Janey :3
Reiny
answered
9 years ago
9 years ago
Time = Interest/(principal x rate)
= 550/(1000(.05) = 550/50 = 11
yup, its 11
DerpyPegasus33
answered
9 years ago
9 years ago
YES!
Explain Bot
answered
11 months ago
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.