Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Our platform connects you with professionals ready to provide precise answers to all your questions in various areas of expertise. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
Sagot :
To determine the number of years your money was invested, we can use the formula for simple interest. The formula for the amount [tex]\( A \)[/tex] in a simple interest scenario is given by:
[tex]\[ A = P(1 + rt) \][/tex]
where:
- [tex]\( A \)[/tex] is the final amount,
- [tex]\( P \)[/tex] is the principal amount (initial investment),
- [tex]\( r \)[/tex] is the annual interest rate,
- [tex]\( t \)[/tex] is the time in years.
We need to rearrange this formula to solve for [tex]\( t \)[/tex]:
[tex]\[ t = \frac{A}{P} - 1 \div r \][/tex]
Given the values:
- Principal amount [tex]\( P \)[/tex] = [tex]$1900, - Final amount \( A \) = $[/tex]2550,
- Annual interest rate [tex]\( r \)[/tex] = 2.67% (which is equal to 0.0267 when converted to a decimal).
We follow these steps:
1. Compute [tex]\( \frac{A}{P} \)[/tex]:
[tex]\[ \frac{2550}{1900} = 1.3421052631578947 \][/tex]
2. Subtract 1:
[tex]\[ 1.3421052631578947 - 1 = 0.3421052631578947 \][/tex]
3. Divide by the annual interest rate [tex]\( r \)[/tex]:
[tex]\[ \frac{0.3421052631578947}{0.0267} = 12.812931204415532 \][/tex]
So, the time [tex]\( t \)[/tex] in years is approximately 12.81 when rounded to the nearest hundredth.
Hence, your money was invested for approximately 12.81 years.
[tex]\[ A = P(1 + rt) \][/tex]
where:
- [tex]\( A \)[/tex] is the final amount,
- [tex]\( P \)[/tex] is the principal amount (initial investment),
- [tex]\( r \)[/tex] is the annual interest rate,
- [tex]\( t \)[/tex] is the time in years.
We need to rearrange this formula to solve for [tex]\( t \)[/tex]:
[tex]\[ t = \frac{A}{P} - 1 \div r \][/tex]
Given the values:
- Principal amount [tex]\( P \)[/tex] = [tex]$1900, - Final amount \( A \) = $[/tex]2550,
- Annual interest rate [tex]\( r \)[/tex] = 2.67% (which is equal to 0.0267 when converted to a decimal).
We follow these steps:
1. Compute [tex]\( \frac{A}{P} \)[/tex]:
[tex]\[ \frac{2550}{1900} = 1.3421052631578947 \][/tex]
2. Subtract 1:
[tex]\[ 1.3421052631578947 - 1 = 0.3421052631578947 \][/tex]
3. Divide by the annual interest rate [tex]\( r \)[/tex]:
[tex]\[ \frac{0.3421052631578947}{0.0267} = 12.812931204415532 \][/tex]
So, the time [tex]\( t \)[/tex] in years is approximately 12.81 when rounded to the nearest hundredth.
Hence, your money was invested for approximately 12.81 years.
Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.