if $1500 grew to $1575 with 4% simple interest how long was the money in the account?
0.04 * 1500 = 60 for one year
Since 15 is 1/4 of 60, the money must have been in the account one and a quarter years.
To find the length of time the money was in the account, we can use the simple interest formula:
Simple Interest = Principal (P) * Rate (r) * Time (t)
In this case, the principal amount (P) is $1500, the rate (r) is 4% (0.04 written as a decimal), and the simple interest earned is $1575 - $1500 = $75.
Plugging in the values into the formula, we have:
$75 = $1500 * 0.04 * t
Let's solve for t:
$75 = $60t
Dividing by $60 on both sides:
t = $75 / $60
t = 1.25
Therefore, the money was in the account for 1.25 years.
To find out how long the money was in the account, you need to use the formula for simple interest:
Interest = Principal × Rate × Time
In this case, you know the principal (initial amount of money) is $1500, the rate is 4% (or 0.04 in decimal form), and the interest earned is $75 ($1575 - $1500). You need to solve for time.
Let's plug these values into the formula:
$75 = $1500 × 0.04 × Time
Now, we can solve for Time by rearranging the formula:
Time = $75 / ($1500 × 0.04)
Time = $75 / $60
Time = 1.25 years
Therefore, the money was in the account for 1.25 years.