Question

How long will it take to earn $1800 in interest if $6000 is invested at a 6% annual interest rate? how many years

Answer 1

Answer:

Total interest will $1800 after 5 years.

Step-by-step explanation:

It is given that the principle amount is $6000.

Rate of interest rate is 6% per annum.

Total interest is $1800.

Formula for simple interest is

$I=\frac{P\times r\times t}{100}$

Where, P is principle, r is rate of interest in percent and t is time in years.

Substitute P=6000, r=6 and I=1800 in the above formula.

$1800=\frac{6000\times 6\times t}{100}$

$1800=\frac{36000t}{100}$

$1800=360t$

Divide both sides by 360.

$\frac{1800}{360}=t$

$5=t$

Therefore the total interest will $1800 after 5 years.

Answer 2

Answer:

b.   5 years

Step-by-step explanation: