13) Nancy invested \( \$ 6,000 \) in a bond at a yearly rate of \( 3 \% \). She earned \( \$ 450 \quad 1 \) point in interest. How long was the money invested?

To find out how long Nancy's money was invested, we can use the formula for simple interest, which is: \[ I = P \times r \times t \] Where: - \( I \) is the interest earned, - \( P \) is the principal amount (the initial investment), - \( r \) is the annual interest rate (as a decimal), - \( t \) is the time in years. Given: - \( I = 450 \) - \( P = 6000 \) - \( r = 0.03 \) We can rearrange the formula to solve for \( t \): \[ t = \frac{I}{P \times r} \] Plugging in the numbers: \[ t = \frac{450}{6000 \times 0.03} = \frac{450}{180} = 2.5 \] So, Nancy's money was invested for \( 2.5 \) years.