Question

Nancy invested $6000 in a bond at a yearly rate of 3%. she earned $450 in
interest. How long was the money invested?​

Answer 1

t = 2.5years

Step-by-step explanation:

Given

p = 6000, SI = 450, r = 3/100, t =?

Solution

SI = prt

450= 6000× 3/100× t= 180t

t = 450/180 = 2.5 years

Answer 2

The answer is 2.5 years

GIVEN

Nancy invested $6000 in a bond at a yearly rate of 3%. she earned $450 in interest.

TO FIND

How long was the money invested?

SOLUTION

We can simply solve the above problem as follows;

Given,

Principal amount (P) = $6000

Rate of interest (R) = 3%

Simple interest (S.I) = $450

Let the time taken be t years

Applying the formula of simple interest

S.I = PRT/100

Putting the values in the above formula;

$450 = \frac{6000 \times 3 \times t}{100}$

45000 = 18000t

t = 45000/18000

t = 2.5 years

Hence, The answer is 2.5 years

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