Range invested $1000 for college in an account earning 5% simple interest. When she withdrew the investment , she had earned a total of $550 in interest. How long was the money invested. How long was the money invested?
I did 1000(.05) (t) - whatever she withdrew
She earned a total of 550???
Then I got stuck
I = PRT
550 = 1,000 * 0.05 * T
550 = 50T
11 = T
S working on answer.
To find out how long the money was invested, we can use the simple interest formula:
Interest = Principal * Rate * Time
In this case, we know that the principal (P) is $1000 and the rate (R) is 5%. We also know that the total interest earned is $550.
Using the formula, we have:
$550 = $1000 * 0.05 * Time
Simplifying the equation, we have:
550 = 50 * Time
Dividing both sides by 50, we get:
Time = 550 / 50
Time = 11 years
Therefore, the money was invested for 11 years.