Suppose you have $1,950 in your savings account at the end of a certain period of time. you invested $1,700 at a 6.88% simple annual interest rate. how long, in years, did you invest your money? state your result to the nearest hundredth of a year.

He invest for 2 years.

Step-by-step explanation:

Given : Suppose you have $1,950 in your savings account at the end of a certain period of time. You invested $1,700 at a 6.88% simple annual interest rate.

To find : How long, in years, did you invest your money?

Solution :

Applying simple interest formula,

Where, A is the amount A=$1950

P is the principal P=$1700

r is the interest rate r=6.88%=0.0688

t is the time

Substitute the values in the formula,

Taking log both side,

Applying logarithmic formula,

Approximately, He invest for 2 years.

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