Eliza deposits 8500 dollars in a college fund . If the fund earns an annual simple interest rate of 6.5% how long must the money be in the fund to earn 9392.50 in interest ?
Are you sure you asked this question correctly???? DId you mean "how many years before the account is worth 9392.50?'
6.5% interest per year is only 8500(.065) = 552.50 dollars/ year
9392.5/552.5 = 17 years
Eliza deposits 8500 dollars in a college fund . If the fund earns an annual simple interest rate of 6.5% how long must the money be in the fund to earn 9392.50 in interest ?
