contestada

Dana wants to invest 3,000 at 5% simple interest. How many years will it take for the total amount in her account to reach $4,500?

Respuesta :

sqdancefan
The total amount in Dana's account will consist of her $3,000 investment plus $1,500 in interest earned. The formula for simple interest is
  I = Prt
Substituting given values, we have
  1500 = 3000×0.05×t = 150t
  1500/150 = t = 10

It will take 10 years for the total amount in Dana's account to reach $4,500.

Otras preguntas