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Oki received a statement on her Certificate of Deposit showing that her investment had returned 4,836 over its life. If the Certificate of Deposit pays a simple interest rate of 3.1% and her initial investment was 19,500, how long had the money been invested

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KateBlake

We must find out how much 3.1% is of 19 500.

 \(\frac{3.1}{100}\) × 19 500 = 604.5

We then divide the amount the investment made (4836) by 604.5

4836 ÷ 604.5 = 8!

This means she invested the money for 8 years.

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