Answer:
It takes an account 5.4 years to earn $178.25 in interest with an annual interest rate of 5%.
Step-by-step explanation:
You can use the following formula to calculate the time it takes an account to earn a certain amount in interest:
t=(1/r)*((F/P)-1), where:
t= time
r= rate of interest= 5%
F= future value= 650+178.25=828.25
P= present value= 650
Now, you can replace the values on the formula:
t=(1/0.05)*((828.25/650)-1)
t=20*0.27
t=5.4
According to this, the answer is that it takes an account 5.4 years to earn $178.25 in interest with an annual interest rate of 5%.
