Mackenzie invested $3500 in a mutual fun at a yearly rate of 6%. She earned $945 in interest. For how long was the money invested?

Question

Mathematics

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2 March, 18:33

Mackenzie invested $3500 in a mutual fun at a yearly rate of 6%. She earned $945 in interest. For how long was the money invested?

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Answers (2)

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Malakai Petty · Answer 1

I = p·r·t (Interest equals principal times rate times time)

945 = 3500 ·.06 · t

t = 945: (3500 ·.06)

t = 4.5 years

Taylor French · Answer 2

It would take her a total of 3 years to earn that amount provided that 9% of 3500 is 315, and $945 is the total. It would take her a total of 3 years.