Randee 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?
A 9 years
B 10 years
C 11 years
D 12 years
So you first need to find what 5% of $1000 is. You can do that by multiplying $1000 by .05. You would get X. $550/X= your answer.
So it's C? 11 yrs? Anyways thanks Janey :3
Time = Interest/(principal x rate)
= 550/(1000(.05) = 550/50 = 11
yup, its 11
YES!
To find out how long the money was invested, we can use the formula for simple interest:
Interest = Principal × Rate × Time
We have the following information:
Principal = $1000
Rate = 5% (or 0.05)
Interest = $550
We can rearrange the formula to solve for time:
Time = Interest / (Principal × Rate)
Plugging in the given values, we have:
Time = $550 / ($1000 × 0.05)
= $550 / $50
= 11 years
Therefore, the money was invested for 11 years. The answer is option C: 11 years.