You want to save $10,000 to buy a new car You doposit 6500in an account earning 7.5% simple interest. After how long will you have enough mo

Question

You want to save $10,000 to buy a new car You doposit 6500in an account earning 7.5% simple interest. After how long will you have enough money
in the account to purchase the car? Round your answer to the nearest whole number

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Maris 6 months 2021-08-28T10:45:39+00:00 1 Answers 0 views 0

Answers ( )

  1. Edana
    0
    2021-08-28T10:46:50+00:00
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    Answer:

    After 7.5 years we will have enough money in the account to purchase the car.      

    Step-by-step explanation:

    Amount needed to be saved = $10000

    Principal = $6500

    So, Simple Interest = $3500

    Rate of Interest = 7.5%

                             = 0.075

    Now, Simple Interest = Principal × Rate × Time

    ⇒ 3500 = 6500 × 0.075 × Time

    ⇒ 3500 = 487.5 × Time

    ⇒ Time = 7.18 years ≈ 7.5 years

    Hence, after 7.5 years we will have enough money in the account to purchase the car.

    Step-by-step explanation:

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