Question

b) how long must $2,300 be invested at 7.5% to earn $53
i =\t\tp =\t\t\t r =\t\t\t t =
for $1903 at 5.9% and costs $523, then how long w

Explanation:

Step1: Identify values

$I = 53$, $P = 2300$, $r = 0.075$

Step2: Use simple interest formula

$I = P \cdot r \cdot t \implies t = \frac{I}{P \cdot r}$

Step3: Calculate time

$t = \frac{53}{2300 \cdot 0.075} = \frac{53}{172.5} \approx 0.30$

Answer:

0.30 years (approximately 3.6 months)