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Uta invests $345 into a simple interest investment account that pays interest at a rate of 9% a year. After several years, she withdraws her balance of $531.30. Using the formula l=Prt, how many years was her money invested? 4 years 5 years 6 years 7 years

Respuesta :

the answer is six years
calculista

Answer:

[tex]6\ years[/tex]

Step-by-step explanation:

we know that  

The simple interest formula is equal to  

[tex]I=P(rt)[/tex]  

where  

I is the interest amount  

P is the Principal amount of money to be invested  

r is the rate of interest  

t is Number of Time Periods  

in this problem we have  

[tex]t=?\ years\\ I=\$531.30-\$345=\$186.3\\ P=\$345\\r=0.09[/tex]  

substitute in the formula above  

[tex]\$186.3=\$345(0.09t)[/tex]  

[tex]t=186.3/(345*0.09)=6\ years[/tex]

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