Lina invested for 5 years.
What is simple interest?
- Simple interest is based on the principal amount of a loan or the first deposit in a savings account.
- The formula to calculate simple interest is Prt, where P is the principle amount, r is the rate and t is the time in years.
How to know how long (in years) was the money invested?
According to the problem,
- Lina invested $7,800 in a mutual fund at a simple interest rate of 4.35%.
- She earned $1,696.50 in interest.
So, we can say $ 1,696.50 is the interest
∴ Prt = 1696.50
⇒ (7800)(4.35/100)t = 1696.50
⇒ t = 5
∴ Line invested for 5 years.
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