Question

Suppose $16,537.50 in interest was earned after $75,000 was invested at a simple interest rate of 3.15%. How long (in years) was the money invested?

Answer 1

The formula is
I=prt
I interest earned 16537.5
P principle 75000
R interest rate 0.0315
T time?
Solve the formula for t
T=I÷pr
T=16,537.5÷(75,000×0.0315)
T=7 years