Question

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

Answer 1

The answer is six years

Answer 2

Answer:

$6\ years$

Step-by-step explanation:

we know that  

The simple interest formula is equal to  

$I=P(rt)$  

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  

$t=?\ years\\ I=\ 531.30-\ 345=\ 186.3\\ P=\ 345\\r=0.09$  

substitute in the formula above  

$\ 186.3=\ 345(0.09t)$  

$t=186.3/(345*0.09)=6\ years$