Lulubrainy Lulubrainy

01-02-2021
Mathematics

contestada

You deposited $125 in a savings account that earns a simple interest rate of
1.75% per year. You earned a total of $8.75 in interest. For how long was your
money in the account?

Respuesta :

sqdancefan sqdancefan

02-02-2021

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Answer:

4 years

Step-by-step explanation:

Each year, the interest earned is ...

0.0175 · $125 = $2.1875

Then the time it took to earn $8.75 in interest was ...

$8.75/(2.1875/year) = 4 years

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