Answer:
It will take 5 years.
Step-by-step explanation:
Let's find how long it will take, but first let's understand the equation.
For simple interest, we use the equation:
T=(1/R)*(((A+B)/B)-1) where,
A= interest amount
B=invested money
R=interest rate (in decimal form)
T=time
Because we want to earn $1800 in interest, then A=1800.
Because we invested $6000, then B=6000.
Because we are investing under an interest rate of 6%, then R=0.06.
'How long will it take' means that T= not given, but its value is in 'years', since an annual rate was given.
Using the equation for simple interest we write:
T=(1/0.06)*(((1800+6000)/6000)-1), the solution is then:
T=5; remember, because is an annual rate, T solution means 5 years.
