Concept explainers
The time for which the money was in account.
Answer to Problem 5P
The time for which the money was in the account is 4 years.
Explanation of Solution
Given:
Principal amount is $125.
Interest rate is 1.75%.
Interest earned is $8.75.
Calculation:
The formula to calculate Simple Interest is:
Therefore, put the given values:
Therefore, the time for which the money was in the account is 4 years.
Chapter 2 Solutions
High School Math 2015 Common Core Algebra 1 Student Edition Grade 8/9
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