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Questions: Algebra BusinessCalculus
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$28060.00 dollars is invested at 1.1% using simple interest. If the future value is $30220.62, how long was it invested? Round to the nearest tenth of a year.
Using \(\displaystyle FV = PV +PVrt \iff FV - PV = PVrt \iff t = \frac{FV - PV}{PVr}\). Evaluating gives \(\displaystyle t = \frac{30220.62-28060}{(28060)(0.011)} = 7.0\) years
\begin{question}\$28060.00 dollars is invested at 1.1\% using simple interest. If the future value is \$30220.62, how long was it invested? Round to the nearest tenth of a year.
\soln{9cm}{Using $FV = PV +PVrt \iff FV - PV = PVrt \iff t = \frac{FV - PV}{PVr}$. Evaluating gives $t = \frac{30220.62-28060}{(28060)(0.011)} = 7.0$ years}
\end{question}
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\begin{document}\begin{question}(10pts) The question goes here!
\soln{9cm}{The solution goes here.}
\end{question}\end{document}<p> <p>$28060.00 dollars is invested at 1.1% using simple interest. If the future value is $30220.62, how long was it invested? Round to the nearest tenth of a year. </p> </p>
<p> <p>Using <img class="equation_image" title=" \displaystyle FV = PV +PVrt \iff FV - PV = PVrt \iff t = \frac{FV - PV}{PVr} " src="/equation_images/%20%5Cdisplaystyle%20FV%20%3D%20PV%20%2BPVrt%20%5Ciff%20FV%20-%20PV%20%3D%20PVrt%20%5Ciff%20t%20%3D%20%5Cfrac%7BFV%20-%20PV%7D%7BPVr%7D%20" alt="LaTeX: \displaystyle FV = PV +PVrt \iff FV - PV = PVrt \iff t = \frac{FV - PV}{PVr} " data-equation-content=" \displaystyle FV = PV +PVrt \iff FV - PV = PVrt \iff t = \frac{FV - PV}{PVr} " /> . Evaluating gives <img class="equation_image" title=" \displaystyle t = \frac{30220.62-28060}{(28060)(0.011)} = 7.0 " src="/equation_images/%20%5Cdisplaystyle%20t%20%3D%20%5Cfrac%7B30220.62-28060%7D%7B%2828060%29%280.011%29%7D%20%3D%207.0%20" alt="LaTeX: \displaystyle t = \frac{30220.62-28060}{(28060)(0.011)} = 7.0 " data-equation-content=" \displaystyle t = \frac{30220.62-28060}{(28060)(0.011)} = 7.0 " /> years</p> </p>