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jekas [21]
3 years ago
13

You deposit 5000 in an account that earns 5% simple interest.How long will it be befor the total amount is 6000

Mathematics
1 answer:
ololo11 [35]3 years ago
8 0

Answer:

t=4\ years

Step-by-step explanation:

we know that

The simple interest formula is equal to

A=P(1+rt)

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

t=?\ years\\ P=\$5,000\\ A=\$6,000\\r=5\%=5/100=0.05

substitute in the formula above

6,000=5,000(1+0.05t)

solve for t

1.2=(1+0.05t)

0.05t=1.2-1

0.05t=0.2

t=4\ years

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