Use the formula $i = P r t$ to reach a solution for the following problem. For how many years must $5,590 be invested at a 8% annual interest rate to earn $2,683.20?
A) t = 11
B) t = 5
C) t = 6
D) t = 8
E) none of these

Question

Quizplus · Accepted Answer

We are given:
- Principal (P) = 5,590
- Annual Interest Rate (r) = 8% = 0.08 (in decimal form)
- Interest earned (i) = 2,683.20
- Time Period (t) = ?

We can rearrange the formula i = P r t to solve for t:
t = i / (P r)

Plugging in the given values, we get:
t = 2,683.20 / (5,590 x 0.08)
t ≈ 6

Therefore, the investment must be kept for 6 years to earn $2,683.20. Hence, the correct choice is C.

Use the Formula i=Prti = P r ti=Prt To Reach a Solution for the Following Problem

Use the Formula $i = P r t$ To Reach a Solution for the Following Problem