Question

QUESTION 5 of 10: Your laptop died and you need a new one for work NOW! The one you need will cost $500. You do not have the cash in
your checking account, so you decide to borrow the money from your savings account. You have $9,000 in your savings account gaining
3% interest per year. If you don't replace the $500 in the savings account, how long will it take before the balance again reaches $9,000?
a) 1 year
b) 2 years
c) 5 years

Answer 1

Answer:

B

Step-by-step explanation:

9000-500 = 8500

8500 × (3/100) =255

8500 + 255 = 8755

8755 × (3/100) = 262.65

8755 + 262.65 = 9017.65

hence, the answer is B

*please correct me if im wrong ^^

Answer 2

Answer:

b) 2 years

Step-by-step explanation:

If you have $9000 in the saving account, and you take $500, you are left with:

$9000 - $500 = $8500

in one year you will have 3% more of the 8500 which is:

8500/100*3 = $255

so in one year the number on your savings account is:

8500 + 255 = $8755

and by the next year you will have 3% more of the 8755 which is:

8755/100*3 = $262.65

so in two years the number on your savings account is:

8755 + 262.65 = $9017.65

which is a little bit more than the $9000.

so it will take 2 years until the calance again reaches $9000