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UkoKoshka [18]
2 years ago
5

$5000 was invested into an investment that pays 4.25% simple interest. The total value of the investment amounted to $6593.75. H

ow long was principal invested for?
Mathematics
1 answer:
Basile [38]2 years ago
6 0

Answer:

7.5 years

Step-by-step explanation:

P = $5000,

R = 4.25%,

A = $6593.75,

N =?

SI = A - P = 6593.75 - 5000 =$1593. 75

\because \: SI = \frac{ PNR}{100} \\  \\  \therefore \: 1593.75 =  \frac{5000 \times N \times 4.25}{100}  \\  \\  \therefore \: 1593.75 \times 100 = 21,250 \times N \\  \\ N =  \frac{159375}{21250}  \\  \\ N = 7.5 \: years \:

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