697 interest is earned on a principal of 5,504 at a simple interest rate of 1.45% per year. For how many years was the principal invested? Round to the nearest year.

Solution

697 interest is earned on a principal of 5, 504 at a simple interest rate of 1.45% per year. For how many years was the principal invested? Round to the nearest year.

Solution

Time : 8.73

Solution steps

Translate the problem into an equation:

697 = 5504 \cdot 0.0145 t

Solve for

t, 697 = 5504 \cdot 0.0145 t : t = 8.73

Time : 8.73

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