<span>Media Production Editor: Shane Good • Assistant Media Production Editor: Elizabeth Thibodeaux
Senior Editor: Becky Richendollar, Riverbanks Zoo •</span>
The answer is 28 you multiply 700 * 4%
t = 6 years
Equation:
t = (1/r)(A/P - 1)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 7.5%/100 = 0.075 per year,
then, solving our equation
t = (1/0.075)((725/500) - 1) = 6
t = 6 years
The time required to get
a total amount, principal plus interest, of $ 725.00
from simple interest on a principal of $ 500.00
at an interest rate of 7.5% per year
is 6 years.