Sylvia Acuff invested money received from an inheritance for 9 months at 8% interest. If she received $720 interest on her investment during this time, find the amount that she invested.
What function would I use for this type of problem?
To find the amount that Sylvia invested, we can use the formula for simple interest:
Interest = Principal * Rate * Time
Let's call the principal (the amount that Sylvia invested) "P", the rate "R", and the time "T".
In this case, we know:
Interest = $720
Rate = 8% = 0.08 (since 8% is equivalent to 0.08 as a decimal)
Time = 9 months
Plugging these values into the formula, we have:
$720 = P * 0.08 * 9
To find P, we can rearrange the equation:
P = $720 / (0.08 * 9)
Simplifying further:
P = $720 / 0.72
P = $1,000
Therefore, Sylvia invested $1,000.