Problema Solution
peter lopez put $6000 in a savings account earning 3 1/2% simple interest per year. When he withdrew his money, he received $840 in interest. How long had he left his money in the account?
Answer provided by our tutors
P = $6,000
r = 3 1/2 = 3.5% or 0.035 as a decimal
I = $840
t = the number of years
I = P*r*t
6,000*0.035*t = 840
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click here to see the equation solved for t
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t = 4 years
Peter left the money at the bank for 4 years.