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1 July, 05:13

Randee invested $1000 for college in an account earning 5% simple interest. When she withdrew the investment she had earned a total of $550 in interest. How log was the money invested?

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  1. 1 July, 07:45
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    Simple Interest Formula: A = P (1 + rt)

    1555 = 1000 (1 + (0.05*t))

    1.55 = 1 + (0.05*t)

    0.55 = 0.05t

    11 = t

    The answer is 11. Whether that is 11 years or months or whatever depends on your exact question.
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