# 6300 dollars is placed in an account with an annual interest rate of 6.5%. to the nearest tenth of a year, how long will it take f

6300 dollars is placed in an account with an annual interest rate of 6.5%. to the nearest tenth of a year, how long will it take for the account value to reach 28200 dollars?

### 1 thought on “6300 dollars is placed in an account with an annual interest rate of 6.5%. to the nearest tenth of a year, how long will it take f”

1. MichaelMet
It will take 53.4 years for the account value to reach 28200 dollars.

### Define the term simple interest?

• Simple interest is calculated based on a loan’s principal or the initial deposit into a savings account.
• Simple interest does not at all compound, therefore a creditor will indeed charge interest upon that principal sum, and a borrower will never be required to pay further interest on the interest that has already accrued.
The equation for simple interest is:
A = P(1 + rt)
where,
• The value of the final investment is A.
• P stands for the principal sum of money that must be invested.
• The interest rate is r.
• t stands for Number of Periods.
In the issue we face;
A = 28,200
P = 63,00
r = 6.5
Put the values.
28,200 = 63,00(1 + 0.065t)
0.065t = 3.47
t = 53.47
Thus, it will take 53.4 years for the account value to reach 28200 dollars.
To know more about the simple interest, here
#SPJ4