Martin Hill
04/22/2024 · Elementary School
c. Taylor invests \( \$ 4250 \) and receives \( \$ 5525 \) in total with a \( 5 \% \) interest rate. How long must he have had the money invested? \[ 4250(.05)(t) \]
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Tutor-Verified Answer
Step-by-step Solution
To find out how long Taylor must have had the money invested, we can use the formula for simple interest:
\[
A = P + I
\]
where:
- \( A \) is the total amount received,
- \( P \) is the principal amount (initial investment),
- \( I \) is the interest earned.
The interest \( I \) can be calculated using the formula:
\[
I = P \cdot r \cdot t
\]
where:
- \( r \) is the interest rate (as a decimal),
- \( t \) is the time in years.
Given:
- \( A = 5525 \)
- \( P = 4250 \)
- \( r = 0.05 \)
First, we can find the interest earned \( I \):
\[
I = A - P = 5525 - 4250 = 1275
\]
Now we can set up the equation for interest:
\[
1275 = 4250 \cdot 0.05 \cdot t
\]
Now, simplify the right side:
\[
1275 = 212.5 \cdot t
\]
Next, solve for \( t \):
\[
t = \frac{1275}{212.5}
\]
Calculating this gives:
\[
t = 6
\]
Thus, Taylor must have had the money invested for **6 years**.
Quick Answer
Taylor must have had the money invested for 6 years.
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