you deposit $2000 in a savings account earning 5% simple interest. How long will it take for the balance of the account to be $3
800? (PLEASE EXPLAIN)
1 answer:
Answer:
1.8 years
Step-by-step explanation:
Step one:
given data
P= $2000
Rate= 5%
Final amount A= $3800
Step two
A= P(1+rt)
substitute
3800=2000(1+0.05*t)
solve for t
3800=2000(1.05t)
3800=2100t
divide both sides by 2100
t= 3800/2100
t=1.8 years
it will take 1.8 years
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