Rosa invested 600 at 3.9% simple interest. At the investment's maturity, its value was 1302. How long was the money invested? Select one: a. 35 years b. 25 years c. 30 years d. 40 years

Question

Rosa invested 600 at 3.9% simple interest. At the investment's maturity, its value was 1302. How long was the money invested? Select one: a. 35 years b. 25 years c. 30 years d. 40 years

Answer 1

### c. 30 years

Answer 2

## Step 1: Calculate the total interest earned.### The maturity value is the sum of the principal and the interest earned. The total interest earned is the maturity value minus the principal.

.## Step 2: Convert the interest rate to a decimal.### Divide the percentage by 100 to convert it to a decimal.

.## Step 3: Use the simple interest formula to find the time.### The simple interest formula is

, where

is the interest,

is the principal,

is the rate, and

is the time. We have

,

, and

. We need to find

. So,

.

Question

Rosa invested 600 at 3.9% simple interest. At the investment's maturity, its value was 1302. How long was the money invested? Select one: a. 35 years b. 25 years c. 30 years d. 40 years

Solution

Answer

Explanation