Respuesta :
The amount of money returned as interest depends on the initial
amount, the interest rate and the number of years.
Response:
- The money has been invested for 9 years
What is simple interest and how can the duration of investment be found?
Given:
The return on investment = $6,336
Amount the Certificate of Deposit pays = 4.4% simple interest
The initial investment (the principal), P= $16,000
Required:
The duration the initial amount of money had been invested.
Solution:
Interest = Principal × Rate × Time
Which gives;
[tex]Time = \mathbf{ \dfrac{Interest }{ Principal \times Rate}}[/tex]
Therefore;
[tex]Length \ of \ time \ of \ the \ investment = \mathbf{ \dfrac{\$6,336}{\$16,000 \times 0.044(/year)}} = 9[/tex]
- The duration the money had been invested = 9 years
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