Problema Solution
if ryan earned $420 in interest when he deposited $5000 at a 1.4% rate, how long was his money invested?
Answer provided by our tutors
P = $5000
r = 1.4% or 0.014
I = $420
t = the time of the investment
I = P*r*t
P*r*t = I
5000*0.014*t = 420
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click here to see the equation solved for t
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t = 6 years
The money was invested for period of 6 years.