You deposit $5000 in an account earning 7.5% simple interest per year. How long will it take for the balance of the account to be $6500?

Question

You deposit $5000 in an account earning 7.5% simple interest per year. How long will it take for the balance of the account to be $6500?

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Thiên Di 5 years 2021-07-25T05:11:39+00:00 1 Answers 247 views 1

Answers ( )

  1. thaiduong
    1
    2021-07-25T05:12:44+00:00
    Reply

    Answer:

    4 years

    Step-by-step explanation:

    Given data

    Principal P=$5000

    Rate r= 7.5%

    Final amount A=$6500

    The expression for the simple interest is

    A=P(1+rt)

    Substitute

    6500=5000(1+0.075*t)

    6500=5000+375t

    6500-5000=375t

    1500=375t

    t= 1500/375

    t= 4 years

    Hence, the time is 4 years

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